GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.46% against the USD and closed at 1.5241, as Britain’s service sector activity expanded at the fastest pace in eight months for April.
Data showed that Britain’s services PMI unexpectedly advanced to a level of 59.5 in April, compared to a level of recorded 58.90 in the prior month, thus reducing fears of an economic slowdown in the UK economy. Meanwhile, markets were expecting the index to drop to a level of 58.50.
In the Asian session, at GMT0300, the pair is trading at 1.5245, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.5166, and a fall through could take it to the next support level of 1.5087. The pair is expected to find its first resistance at 1.5308, and a rise through could take it to the next resistance level of 1.5372.
Going forward, the Pound’s resilience will be put to test, amid uncertainty ahead of UK elections, scheduled today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
