GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.26% against the USD and closed at 1.5602, after the Lloyds Banking Group’s Halifax division reported that the house price index in the UK dropped 0.9% (MoM) in November, from a 1.2% rise in October. Additionally, this morning, the British Retail Consortium (BRC) indicated that on a year-on-year basis, shop price inflation in the UK eased to 2.0% in November, compared to a rate of 2.1% recorded in October.
In the Asian session, at GMT0400, the pair is trading at 1.5609, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5559, and a fall through could take it to the next support level of 1.5509. The pair is expected to find its first resistance at 1.5661, and a rise through could take it to the next resistance level of 1.5714.
The pair is expected to trade on the cues from the release of industrial production and manufacturing production data in the UK.
The currency pair is showing convergence with its 20 Hr and is trading below its 50 Hr moving average.
