GBP/USD: Pound trading on a stronger footing this morning


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.45% against the USD and closed at 1.3114, amid speculations that Britain’s International Development Secretary, Priti Patel, would be dismissed, sparked concerns over the future of the Prime Minister, Theresa May’s Government.

In the Asian session, at GMT0400, the pair is trading at 1.3127, with the GBP trading 0.1% higher against the USD from yesterday’s close.

Overnight data showed that UK’s RICS house price balance fell more-than-expected to a level of 1.0% in October, compared to market expectations for a fall to a level of 4.0%. House price balance had recorded a reading of 6.0% in the preceding month.

The pair is expected to find support at 1.3085, and a fall through could take it to the next support level of 1.3044. The pair is expected to find its first resistance at 1.3170, and a rise through could take it to the next resistance level of 1.3214.

In absence of any macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic factors.

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

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