GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.22% against the USD and closed at 1.5570, as investor sentiment was lifted after the seasonally adjusted manufacturing PMI in the UK rose to a reading of 49.8 in April, higher than the expected reading of 48.5 and following a revised reading of 48.6 in March. However, the seasonally adjusted house price index fell 0.1% (MoM) in April, against the expectations for a 0.3% rise.
In the Asian session, at GMT0300, the pair is trading at 1.5549, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.5513, and a fall through could take it to the next support level of 1.5478. The pair is expected to find its first resistance at 1.5596, and a rise through could take it to the next resistance level of 1.5644.
The UK construction PMI scheduled for release later today is expected to provide momentum to the Pound as it is forecast to record a rise in April.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
