GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.28% against the USD and closed at 1.5528.
In the Asian session, at GMT0300, the pair is trading at 1.5505, with the GBP trading 0.15% lower from yesterday’s close, after RICS house price balance in the UK fell to a reading of -22.0 in June, against the reading of -17.0 in May, the weakest reading since October 2011. Separately, BRC like-for-like sales rose 1.4% (YoY) in June, against the market expectation of a 2.0% rise.
The pair is expected to find support at 1.5472, and a fall through could take it to the next support level of 1.5440. The pair is expected to find its first resistance at 1.5536, and a rise through could take it to the next resistance level of 1.5568.
Trading trends in the pair today are expected to be determined by the release of trade balance, industrial Production and manufacturing production data in the UK.
The currency pair is trading just below its 20 Hr and is showing convergence with its 50 Hr moving average.
