Pound Reverses Its Losses This Morning
GCI Financial | Jul 31, 2015 02:43AM ET
GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.06% against the USD and closed at 1.5597.
In the Asian session, at GMT0300, the pair is trading at 1.5608, with the GBP trading 0.08% higher from yesterday’s close.
Overnight data revealed that Britain’s GfK consumer morale dipped more than expected to level of 4.0 in July, compared to prior month’s reading of 7.0. The consumer sentiment index eased, as concerns about Greece and the world economy weighed on the nation’s economic outlook.
The pair is expected to find support at 1.5565, and a fall through could take it to the next support level of 1.5523. The pair is expected to find its first resistance at 1.5648, and a rise through could take it to the next resistance level of 1.5687.
Meanwhile, UK’s manufacturing PMI data, scheduled on Monday, would be closely watched by market participants.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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