GBP/USD: UK’s Nationwide house price index rose more-than-estimated in November


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.2744 on Friday.

In economic news, UK’s seasonally adjusted house price index advanced 0.3% on a monthly basis in November, beating market consensus for a rise of 0.1%. In the previous month, the index had registered a flat reading.

In the Asian session, at GMT0400, the pair is trading at 1.2776, with the GBP trading 0.25% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2737, and a fall through could take it to the next support level of 1.2697. The pair is expected to find its first resistance at 1.2813, and a rise through could take it to the next resistance level of 1.2849.

Trading trend in the Sterling today is expected to be determined by UK’s Markit manufacturing PMI for November, scheduled to release in a few hours.

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

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