Pound Trading Lower In The Asian Session
GCI Financial | Jul 06, 2015 02:25AM ET
On Friday, the GBP declined 0.15% against the USD and closed at 1.5585.
In economic news, services activity in Britain bounced back more than anticipated pace in June, suggesting an improvement in the nation’s economic recovery.
Data showed that Britain’s services PMI advanced to a level of 58.5 in June, exceeding market expectations of a rise to 57.5 and compared to prior month’s reading of 56.5.
In the Asian session, at GMT0300, the pair is trading at 1.5556, with the GBP trading 0.18% lower from Friday’s close.
The pair is expected to find support at 1.5515, and a fall through could take it to the next support level of 1.5474. The pair is expected to find its first resistance at 1.5622, and a rise through could take it to the next resistance level of 1.5687.
Looking ahead, investors will focus on UK’s NIESR estimate of quarterly UK GDP growth for the three months ending in June along with the BoE’s interest rate decision, scheduled in this week to gauge the strength in the nation’s economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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