GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally fell against the USD and closed at 1.3275.
In economic news, UK’s construction PMI fell more-than-expected and ventured into contractionary territory by registering a reading of 46.0 in June, its weakest level in seven years, in the run up to Britain’s vote to leave the European Union. In the previous month, the construction PMI had registered a level of 51.2.
In the Asian session, at GMT0300, the pair is trading at 1.3247, with the GBP trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3210, and a fall through could take it to the next support level of 1.3172. The pair is expected to find its first resistance at 1.3312, and a rise through could take it to the next resistance level of 1.3376.
Moving ahead, investors will look forward to UK’s Markit services PMI for June along with the Bank of England’s (BoE) financial stability report and the BoE Governor, Mark Carney’s speech, all due in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
