GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.69% against the USD and closed at 1.6383, as dollar paced gains, amid fall in commodities, oil prices and US stock market.
Additionally, the Purchasing Managers’ Index (PMI) for services in the UK dropped more-than-expected to 54.3 in April, while the Bank of England’s Monetary Policy Committee maintained its official interest rate at 0.5%, as widely anticipated.
The pair opened the Asian session at 1.6383, and is trading at 1.6384 at 3.00GMT. The pair is trading marginally higher from the New York session close.
The pair has its first short term resistance at 1.6501, followed by the next resistance at 1.6617. The first support is at 1.6311, with the subsequent support at 1.6237.
Trading trends in the pair today are expected to be determined by data release on producer price index and halifax house price index in the UK.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
