GBP/USD: UK’s Nationwide house prices unexpectedly rebounded in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.3089 on Friday.

On the data front, UK’s Nationwide housing prices unexpectedly rose 1.7% on a monthly basis in July, marking its first monthly increase since April and confounding market expectations for a drop of 0.1%. In the prior month, house prices had recorded a revised fall of 1.6%.

In the Asian session, at GMT0400, the pair is trading at 1.3087, with the GBP slightly trading lower against the USD from Friday’s close.

The pair is expected to find support at 1.3039, and a fall through could take it to the next support level of 1.2992. The pair is expected to find its first resistance at 1.3152, and a rise through could take it to the next resistance level of 1.3218.

Moving forward, traders would keep a watch on UK’s Markit manufacturing PMI for July, slated to release in a few hours.

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

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