GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.76% against the USD and closed at 1.5322, as manufacturing activity in the UK grew at the fastest pace in 14 months in May.
UK’s manufacturing PMI jumped to a reading of 51.3 in May, much higher than the expected reading of 50.3 and following a revised reading of 50.2 in April.
In the Asian session, at GMT0300, the pair is trading at 1.5315, with the GBP trading marginally lower from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that like-for-like retail sales in UK rose 1.8% annually in May, from a 2.2% drop recorded in April. Market had expected like-for-like retail sales to rise 1.3% in May.
The pair is expected to find support at 1.5222, and a fall through could take it to the next support level of 1.5129. The pair is expected to find its first resistance at 1.5392, and a rise through could take it to the next resistance level of 1.5469.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
