GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.10% against the USD and closed at 1.2480 on Friday.
On the data front, UK’s Markit services PMI rose to 47.1 in June, due to restart of UK’s economic activities and compared to a level of 29.0 in the previous month. The preliminary figures had indicated an advance to 47.0.
In the Asian session, at GMT0300, the pair is trading at 1.2485, with the GBP trading slightly higher against the USD from Friday’s close.
The pair is expected to find support at 1.2452, and a fall through could take it to the next support level of 1.2418. The pair is expected to find its first resistance at 1.2505, and a rise through could take it to the next resistance level of 1.2524.
Moving ahead, traders would keep a watch on UK’s Markit construction PMI for June, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
