GBP/USD: British pound reverses its gains in the morning session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 1.19% against the USD and closed at 1.2639, after British Prime Minister, Theresa May survived the Brexit related no-confidence vote over her leadership.

In the Asian session, at GMT0400, the pair is trading at 1.2615, with the GBP trading 0.19% lower against the USD from yesterday’s close.

Data showed that in the UK, the RICS house price balance unexpectedly fell to a level of -11.0% in November. In the prior month, the house price balance had registered a revised reading of -10.0%.

The pair is expected to find support at 1.2505, and a fall through could take it to the next support level of 1.2394. The pair is expected to find its first resistance at 1.2699, and a rise through could take it to the next resistance level of 1.2782.

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

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