FXStreet (Mumbai) – The GBP/USD pair strengthened to a high of 1.5371 ahead of the data in the UK, which could show the services activity expanded at a slightly slower pace in May.
GBP/USD supported by 1.5330-1.5336
The pair ran into fresh bids at the support of 1.5330 (100% Fib expansion of 1.5813-1.5445-1.5698) and 1.5336 (38.2% Fib R of 1.4564-1.5813). The pair rose sharply in the previous session after the markets sold USD across the board, tracking the sharp rise in the EUR/USD pair over and above 1.11 levels.
Ahead in the day, the UK services PMI data in May is seen printing at 59.2 compared to April’s 59.5. Meanwhile, the US ISM non-manufacturing is seen slowing down to 57.00 in May from 57.8 in April.
GBP/USD Technical Levels
The immediate resistance is located at 1.5377 (200-DMA), above which gains could be extended to 1.5417. On the flip side, a break below 1.5330 could push the pair down to 1.5293 (5-DMA).
(Market News Provided by FXstreet)