GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.71% against the USD and closed at 1.4514.
In economic news, UK’s Markit services PMI advanced above expectations to a level of 53.5 in May, from a three-year low level of 52.3 in the previous month, increasing optimism over the health of the nation’s economy. Investors had anticipated a reading of 52.5.
In the Asian session, at GMT0300, the pair is trading at 1.4396, with the GBP trading 0.81% lower from Friday’s close.
The pair is expected to find support at 1.4304, and a fall through could take it to the next support level of 1.4211. The pair is expected to find its first resistance at 1.4535, and a rise through could take it to the next resistance level of 1.4673.
Going ahead, investors will look forward to Britain’s BRC retail sales monitor data for May, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
