GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.5602. However, Britain’s services PMI dropped to a five-month low of 57.4 in July, lower than market projections of the index to fall to 58.0, signalling that the country’s economic recovery may be losing momentum.
In the Asian session, at GMT0300, the pair is trading at 1.5620, with the GBP trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.5547, and a fall through could take it to the next support level of 1.5473. The pair is expected to find its first resistance at 1.5673, and a rise through could take it to the next resistance level of 1.5726.
Trading trends in the pair today are expected to be determined by the BoE minutes of the latest policy meeting as well as its interest rate decision, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
