GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.63% against the USD and closed at 1.5398, as upbeat UK services PMI data buoyed the Pound.
In the UK, the services purchasing managers’ index (PMI) advanced to a reading of 54.9 in May, more than the expected reading of 53.1 and compared to a reading of 52.9 recorded in the previous month. Separately, the Bank of England (BoE) reported that the UK’s official reserves fell by $1559.0 million in May.
In the Asian session, at GMT0300, the pair is trading at 1.5403, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5332, and a fall through could take it to the next support level of 1.5260. The pair is expected to find its first resistance at 1.5445, and a rise through could take it to the next resistance level of 1.5486.
Along with the BoE’s crucial rate setting meeting on deck for the day, markets keenly await the release of Halifax house prices in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
