GBP/USD: Sterling trading a tad lower in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose slightly higher against the USD and closed at 1.3420.

On the data front, UK’s Halifax house price index rebounded 1.5% on monthly basis in May, beating market expectations for a rise of 1.0%. In the prior month, the index had recorded a fall of 3.1%.

In the Asian session, at GMT0300, the pair is trading at 1.3417, with the GBP trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3369, and a fall through could take it to the next support level of 1.3322. The pair is expected to find its first resistance at 1.3468, and a rise through could take it to the next resistance level of 1.3520.

Trading trend in the pair today is expected to be determined by the release of UK’s consumer inflation expectations for May, due to be released in a while.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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