For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.2700.

On the data front, UK’s construction PMI unexpectedly contracted to a level of 48.6 in May, declining to its lowest level since March 2018 and compared to a level of 50.5 in the prior month. Markets had expected the PMI to climb to a level of 50.6.

In the Asian session, at GMT0300, the pair is trading at 1.2705, with the GBP trading a tad higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.2660, and a fall through could take it to the next support level of 1.2615. The pair is expected to find its first resistance at 1.2732, and a rise through could take it to the next resistance level of 1.2759.

Trading trend in the Sterling today, is expected to be determined by UK’s Markit/CIPS services PMI for May, scheduled to release in a few hours.

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


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