GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.36% against the USD and closed at 1.5172.
Gains in Pound were kept in check, after Britain’s Markit construction PMI eased to 54.2, registering its lowest reading in 22 months in April and following a level of 57.8 registered in March. Markets were expecting the index to slip to 57.4.
In the Asian session, at GMT0300, the pair is trading at 1.5194, with the GBP trading 0.15% higher from yesterday’s close.
Earlier today, the NIESR slashed UK’s economic growth forecast to 2.5% this year, from its earlier forecast of 2.9% made in February this year.
The pair is expected to find support at 1.5115, and a fall through could take it to the next support level of 1.5037. The pair is expected to find its first resistance at 1.5246, and a rise through could take it to the next resistance level of 1.5298.
Looking ahead, UK’s services PMI data, scheduled in a few hours will attract lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
