GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.53% against the USD and closed at 1.2868.
Macroeconomic data indicated that activity in Britain’s construction sector unexpectedly advanced to a level of 53.1 in April, hitting its highest level in four-months, suggesting that the economy might be recovering a bit, after showing a lacklustre performance at the start of 2017. Market participants anticipated the PMI to drop to a level of 52.0, compared to a level of 52.2 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2876, with the GBP trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2841, and a fall through could take it to the next support level of 1.2806. The pair is expected to find its first resistance at 1.2929, and a rise through could take it to the next resistance level of 1.2982.
Looking ahead, investors will concentrate on UK’s Markit services PMI for April accompanied with net consumer credit and mortgage approvals, both for March, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
