GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 3.27% against the USD and closed at 1.2602.
Data showed that the Markit construction PMI climbed to 28.9 in May, less than market expectations for a rise of 29.7 and compared to a reading of 8.2 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2592, with the GBP trading 0.08% lower against the USD from yesterday’s close.
On the data front, UK’s GfK consumer confidence fell to -36.0 in May, making its lowest level since January 2009 and compared to a reading of -34.0 in the previous month.
The pair is expected to find support at 1.2518, and a fall through could take it to the next support level of 1.2443. The pair is expected to find its first resistance at 1.2650, and a rise through could take it to the next resistance level of 1.2707.
Moving forward, traders would keep a watch on UK’s Halifax house prices for May, 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.
