GBP/USD remains unchanged after ISM Services PMI indicates economic expansion in May. Technical outlook shows neutral to upward bias, but resistance at 1.2800 limits gains. Key levels: Support at 1.2742, 1.2700, and 1.2634; Resistance at 1.2800, YTD high at 1.2893, and 1.2900.
If sellers push the GBP/USD below yesterday’s low of 1.2742, a drop toward 1.2700 is on the cards. Further losses are seen beneath the June 3 low of 1.2694, like the confluence of the 100-day moving average and the May 3 high of 1.2634. Conversely, if buyers keep the exchange rate within the 1.2740 – 1.2800 range, they could lift the spot prices and challenge the abovementioned confluence, at around the top of the range. Gains lie overhead at the year-to-date high of 1.2893, followed by the 1.
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Source: FXStreetNews - 🏆 14. / 72 Read more »