GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.76% against the USD and closed at 1.2895.
In the Asian session, at GMT0300, the pair is trading at 1.2939, with the GBP trading 0.34% higher against the USD from yesterday’s close.
Overnight data showed that UK’s Lloyds business barometer plummeted to a four-year level of 6.0 in June, the latest evidence of how Brexit vote has shaken the British economy. The index had recorded a reading of 32.0 in the previous month.
The pair is expected to find support at 1.2819, and a fall through could take it to the next support level of 1.2698. The pair is expected to find its first resistance at 1.3037, and a rise through could take it to the next resistance level of 1.3134.
Looking ahead, UK’s NIESR GDP estimate for the three month ended June, along with the nation’s industrial and manufacturing production data for May, all slated to release today, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
