GBP/USD: UK’s RICS house prices rose at its slowest rate in over 4 years in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.12% against the USD and closed at 1.3010.

In the Asian session, at GMT0300, the pair is trading at 1.3, with the GBP trading 0.08% lower against the USD from yesterday’s close.

Overnight data indicated that Britain’s RICS house price balance unexpectedly fell to a level of 1.0% in July, hitting its lowest since March 2013. In the prior month, house price balance recorded a level of 7.0%, while market participants were expecting for a rise to a level of 9.0%.

The pair is expected to find support at 1.2971, and a fall through could take it to the next support level of 1.2943. The pair is expected to find its first resistance at 1.3028, and a rise through could take it to the next resistance level of 1.3057.

Ahead in the day, traders will look forward to Britain’s total trade balance, manufacturing as well as industrial production and NIESR GDP estimate data, to gauge strength in the nation’s economic activity.

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

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