GBP/USD: Britain’s house prices rose for the first time since July 2018 in January


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 1.00% against the USD and closed at 1.2956.

In the Asian session, at GMT0400, the pair is trading at 1.2954, with the GBP trading marginally lower against the USD from yesterday’s close.

Overnight data indicated that UK’s RICS house price balance surged to 17.0% in January, as optimism returned among buyers and sellers and compared to a revised flat reading in the previous month.

The pair is expected to find support at 1.2940, and a fall through could take it to the next support level of 1.2927. The pair is expected to find its first resistance at 1.2979, and a rise through could take it to the next resistance level of 1.3005.

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

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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