GBPUSD Movement
GBP failed take advantage of an upbeat UK construction PMI, declining 0.13% against the USD, to close at 1.5302, for the 24 hours to 23:00 GMT.
The construction purchasing managers’ index (PMI) in the UK advanced to a reading of 50.8 in May higher than the expected reading of 49.6 and following a reading of 49.4 recorded in April.
In the Asian session, at GMT0300, the pair is trading at 1.5324, with the GBP trading 0.14% higher from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that the shop price index fell 0.1% annually in May, following a rise of 0.4% recorded in the previous month.
The pair is expected to find support at 1.5288, and a fall through could take it to the next support level of 1.5252. The pair is expected to find its first resistance at 1.5345, and a rise through could take it to the next resistance level of 1.5366.
The scheduled services PMI in the UK later today is expected to show some improvement in May.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
