GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.10% against the USD and closed at 1.2494, after UK’s construction sector activity rebounded.
On the data front, UK’s Markit construction PMI advanced at its fastest pace in nearly two years to 55.3 in June, surpassing market consensus for a rise to a level of 47.0. In the prior month, the PMI had recorded a reading of 28.9.
In the Asian session, at GMT0300, the pair is trading at 1.2496, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2475, and a fall through could take it to the next support level of 1.2453. The pair is expected to find its first resistance at 1.2519, and a rise through could take it to the next resistance level of 1.2541.
Going forward, traders would keep a watch on UK’s Halifax house prices for June, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
