GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.24% against the USD and closed at 1.3576, despite robust British construction sector data.
On the economic front, UK’s Markit construction PMI rose more-than-estimated to a level of 52.5 in April, jumping back into the expansion territory and notching its highest level in 5 months. Market expectation was for the PMI to advance to a level of 50.5, after recording a level of 47.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3593, with the GBP trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3543, and a fall through could take it to the next support level of 1.3494. The pair is expected to find its first resistance at 1.3654, and a rise through could take it to the next resistance level of 1.3716.
Going ahead, investors would closely monitor UK’s Markit services PMI for April, due to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
