GBPUSD Movement
On Friday, GBP rose 1.11% against the USD and closed at 1.5286, as the UK construction PMI surged at the highest pace since June 2010 in July.
UK construction purchasing managers’ index (PMI) recorded a sharp rise to a reading of 57.0 in July, higher than the expected reading of 51.5 and compared to the reading of 51.0 recorded in June. Adding to the positive sentiment, the non-seasonally adjusted Nationwide house prices in UK advanced 3.9% (YoY) in July, much higher than the market estimate of a rise of 3.1%.
In the Asian session, at GMT0300, the pair is trading at 1.5270, with the GBP trading 0.10% lower from Friday’s close.
The pair is expected to find support at 1.5148, and a fall through could take it to the next support level of 1.5026. The pair is expected to find its first resistance at 1.5351, and a rise through could take it to the next resistance level of 1.5432.
Trading trends in the pair today are expected to be determined by the scheduled services PMI data in the UK.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
