GBP/USD: Annual growth in UK house prices hit a six-year low

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.32% against the USD and closed at 1.2287.

Data showed that UK’s Halifax house price index rose 1.1% on a yearly basis in September, less than market expectation for a rise of 1.6%. The index had recorded a revised advance of 1.8% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2295, with the GBP trading 0.07% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2276, and a fall through could take it to the next support level of 1.2258. The pair is expected to find its first resistance at 1.2323, and a rise through could take it to the next resistance level of 1.2352.

Going ahead, traders await the Bank of England Governor, Mark Carney’s speech, due in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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