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GBP/USD: UK’s Manufacturing Sector Growth Slightly Eased In May

By GCI FinancialForexJun 02, 2017 02:53AM ET
www.investing.com/analysis/gbp-usd:-uk%E2%80%99s-manufacturing-sector-growth-slightly-eased-in-may-200192783
GBP/USD: UK’s Manufacturing Sector Growth Slightly Eased In May
By GCI Financial   |  Jun 02, 2017 02:53AM ET
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GBPUSD Movement
GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.2885, after the latest data indicated that UK’s manufacturing sector is sustaining most of the growth momentum.

Britain’s Markit manufacturing PMI fell less-than-expected to a level of 56.7 in May, compared to a reading of 57.3 in the prior month. Markets were expecting the manufacturing PMI to drop to a level of 56.5. Meanwhile, the nation’s seasonally adjusted Nationwide house prices surprisingly eased 0.2% on a monthly basis in May, falling for the third consecutive month and confounding market expectations for an advance of 0.2%. House prices had dropped 0.4% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2877, with the GBP trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2833, and a fall through could take it to the next support level of 1.2788. The pair is expected to find its first resistance at 1.2919, and a rise through could take it to the next resistance level of 1.296.

Moving ahead, traders would focus on Britain’s Markit construction PMI for May, set to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GBP/USD: UK’s Manufacturing Sector Growth Slightly Eased In May
 

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GBP/USD: UK’s Manufacturing Sector Growth Slightly Eased In May

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