The GBP/USD is virtually unchanged in early trading during the North American session, following the release of the Institute for Supply Management (ISM) Services PMI, which showed the economy remains resilient, expanded in May above estimates and the previous month's reading, contrarily to manufacturing activity.
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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