GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.2511 on Friday.
In the Asian session, at GMT0400, the pair is trading at 1.2457, with the GBP trading 0.43% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2416, and a fall through could take it to the next support level of 1.2376. The pair is expected to find its first resistance at 1.2527, and a rise through could take it to the next resistance level of 1.2598.
Going ahead, market participants would await the release of UK’s Halifax house prices for October, scheduled 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.
