GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.43% against the USD and closed at 1.5151. The Pound came under pressure as a lower-than-expected rise in the UK construction Purchasing Managers’ Index in June disappointed investors.
Separately, in its latest quarterly survey the British Chambers of Commerce (BCC) indicated that the UK’s economic recovery gained momentum in the Q2 2013, boosted by higher employment, services export sales and business confidence.
In the Asian session, at GMT0300, the pair is trading at 1.515, with the GBP trading marginally lower from yesterday’s close.
Data released this morning indicated that UK’s British Retail Consortium shop price index fell 0.2% annually in June, from a 0.1% fall recorded in the previous month.
The pair is expected to find support at 1.5111, and a fall through could take it to the next support level of 1.5072. The pair is expected to find its first resistance at 1.5214, and a rise through could take it to the next resistance level of 1.5278.
Trading trends in the pair today are expected to be determined by the UK services PMI scheduled for release later today. Additionally, investors are keenly awaiting the BoE interest policy decision, with the governor, Mark Carney presiding his first policy meeting at the central bank tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
