GBPUSD Movement
On Friday, GBP marginally fell against the USD and closed at 1.7121, after the construction output in the UK unexpectedly shrank in May, adding to speculation that the pace of recovery in the nation has declined. The construction output, on a monthly basis, fell 1.1%, as compared to a 1.2% rise in the previous month. Other data showed that the CB leading economic index climbed 0.5% in May, the same pace as of the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.7115, with the GBP trading tad lower from Friday’s close.
Earlier today, a private survey revealed that the UK companies are more optimistic about prospects for trade, jobs and investment than those in any other major developed economy.
The pair is expected to find support at 1.7089, and a fall through could take it to the next support level of 1.7062. The pair is expected to find its first resistance at 1.7147, and a rise through could take it to the next resistance level of 1.7178.
Trading trends in the pair today are expected to be determined by
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
