GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.26% against the USD and closed at 1.7149, after Markit Economics reported that its final PMI on UK’s manufacturing sector unexpectedly rose at the fastest pace in seven months to a reading of 57.5 in June, from a level of 57.0 registered in May.
In the Asian session, at GMT0300, the pair is trading at 1.7150, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.7108, and a fall through could take it to the next support level of 1.7067. The pair is expected to find its first resistance at 1.7179, and a rise through could take it to the next resistance level of 1.7209.
Traders are expected to keep a tab on the releases of UK construction PMI and Nationwide housing prices data, slated for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
