GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.11% against the USD and closed at 1.6888.
Yesterday, the Nationwide reported that on a monthly basis, the seasonally adjusted house prices in the UK climbed 0.1% in July, lower than market expectations for a rise of 0.5%. House prices had recorded a rise of 1.0% in the prior month.
Meanwhile, BoE’s Deputy Governor, Ben Broadbent hinted towards the possibility for an earlier-than-expected interest rate hike in the UK.
In the Asian session, at GMT0300, the pair is trading at 1.6876, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.6846, and a fall through could take it to the next support level of 1.6816. The pair is expected to find its first resistance at 1.6917, and a rise through could take it to the next resistance level of 1.6958.
Trading trends in the Pound today are expected to be determined by Markit Manufacturing PMI, scheduled to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
