For the 24 hours to 23:00 GMT, the GBP rose 0.69% against the USD and closed at 1.2478.

On the data front, UK’s Markit manufacturing PMI rose to 50.1 in June, compared to a reading of 41.1 in the previous month. The preliminary figures had also recorded a rise to 50.1. Meanwhile, the Nationwide housing prices fell 0.1% on a yearly basis in June, recording its first annual decline since 2012 and compared to a rise of 1.8% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2484, with the GBP trading 0.05% higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.2399, and a fall through could take it to the next support level of 1.2315. The pair is expected to find its first resistance at 1.2529, and a rise through could take it to the next resistance level of 1.2575.

Moving ahead, traders would keep a watch on UK’s GfK consumer confidence for June, slated to release overnight.

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


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