GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 4.16% against the USD and closed at 1.2486.
On the data front, UK’s Markit manufacturing PMI advanced to 40.7 in May, compared to a level of 32.6 in the previous month. The preliminary figures had recorded an advance to 40.6.
In the Asian session, at GMT0300, the pair is trading at 1.2487, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2400, and a fall through could take it to the next support level of 1.2312. The pair is expected to find its first resistance at 1.2550, and a rise through could take it to the next resistance level of 1.2612.
Moving ahead, traders would keep a watch on UK’s Nationwide housing prices for May, along with consumer credit and mortgage approvals, both for April, slated to release in a few hours. Additionally, the BRC shop price index for April, would keep investors on their toes
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
