GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.03% against the USD and closed at 1.5690.
In the UK, the manufacturing purchasing managers’ index rose to a reading of 48.6 in June, following a reading of 45.9 in May.
In the Asian session, at GMT0300, the pair is trading at 1.5698, with the GBP trading 0.05% higher from yesterday’s close.
This morning, a quarterly economic survey from the British Chambers of Commerce (BCC), showed that the UK manufacturing sector contracted for the second month in a row in June due to falling exports and fewer new business wins, but an upturn in exports to countries outside Europe suggests growth could pick up later this year.
The pair is expected to find support at 1.5653, and a fall through could take it to the next support level of 1.5607. The pair is expected to find its first resistance at 1.5733, and a rise through could take it to the next resistance level of 1.5767.
Trading trends in the pair today are expected to be determined by the release of construction purchasing manager index (PMI), mortgage approvals and money supply data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
