Pound Trading Higher, Ahead Of The UK’s Markit Services PMI Data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP fell 0.29% against the USD and closed at 1.4504, after UK’s construction PMI declined more-than-expected to a three-year low level of 52.0 in April, amid concerns about the upcoming June referendum. Investors had expected it to fall to a level of 54.0, following a reading of 54.2 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.4520, with the GBP trading 0.11% higher from yesterday’s close.

The pair is expected to find support at 1.4463, and a fall through could take it to the next support level of 1.4407. The pair is expected to find its first resistance at 1.4575, and a rise through could take it to the next resistance level of 1.4630.

Going ahead, investors will look forward to Britain’s Markit services PMI data for April, scheduled to release in a few hours.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

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