GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 3.49% against the USD and closed at 1.2573.
On the data front, UK’s Markit services PMI climbed to 29.0 in May, compared to a level of 13.4 in the previous month. The preliminary figures had indicated a rise to 27.8.
In the Asian session, at GMT0300, the pair is trading at 1.2542, with the GBP trading 0.25% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2510, and a fall through could take it to the next support level of 1.2479. The pair is expected to find its first resistance at 1.2594, and a rise through could take it to the next resistance level of 1.2647.
Moving ahead, traders would keep a watch on UK’s Markit construction PMI for May, slated to release in a few hours. Additionally, the GfK consumer confidence for May, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
