GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.2468.
In the Asian session, at GMT0300, the pair is trading at 1.2461, with the GBP trading 0.06% lower against the USD from yesterday’s close.
Overnight data showed that UK’s GfK consumer confidence rose to -27.0 in June, compared to a reading of -30.0 in the previous month.
The pair is expected to find support at 1.2435, and a fall through could take it to the next support level of 1.2410. The pair is expected to find its first resistance at 1.2508, and a rise through could take it to the next resistance level of 1.2556.
Going forward, traders would keep a watch on UK’s Markit services PMI for June, slated to release in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
