GBP/USD: Britain’s Halifax house prices unexpectedly fall in September


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.72% against the USD and closed at 1.3117 on Friday.

On the macro front, the Halifax house price index unexpectedly dropped 1.4% on a monthly basis in September, defying market expectations for an increase of 0.2% and compared to a revised drop of 0.2% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3119, with the GBP trading slightly higher against the USD from Friday’s close.

The pair is expected to find support at 1.3037, and a fall through could take it to the next support level of 1.2955. The pair is expected to find its first resistance at 1.3167, and a rise through could take it to the next resistance level of 1.3215.

With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

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

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