GBP/USD: Britain’s Halifax house prices sharply rebounded in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.11% against the USD and closed at 1.3034.

On the data front, UK’s seasonally adjusted Halifax house price index rebounded more-than-expected by 0.4% on a monthly basis in July, rising at its fastest pace this year. In the preceding month, the index had registered a revised drop of 0.9%, while markets were expecting for a gain of 0.3%. Meanwhile, on an annual basis, the index climbed 2.1% in the three months to July, in line with market expectations, advancing at its slowest pace in more than four years. In the April-June period, the index had risen 2.6%.

In the Asian session, at GMT0300, the pair is trading at 1.3051, with the GBP trading 0.13% higher against the USD from yesterday’s close.

Overnight data showed that the nation’s BRC retail sales across all sectors advanced 0.9% in July, at par with market expectations. Retail sales had increased 1.2% in the previous month.

The pair is expected to find support at 1.3024, and a fall through could take it to the next support level of 1.2996. The pair is expected to find its first resistance at 1.3069, and a rise through could take it to the next resistance level of 1.3086.

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

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