GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.18% against the USD and closed at 1.6362.
In the UK, the purchasing managers’ index (PMI) for construction sector activity rose to54.0 in May, following a reading of 53.3 in posted April.
The Bank of England policymaker Paul Fisher stated that he would consider increasing the size of the central bank’s asset purchases if the economy takes a sudden downturn.
The pair opened the Asian session at 1.6362, and is trading at 1.6342 at 3.00GMT. The pair is trading 0.12% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6406, followed by the next resistance at 1.6471. The first support is at 1.6289, with the subsequent support at 1.6237.
Trading trends in the pair today are expected to be determined by release of data on services purchasing manager index in the UK.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
