GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.38% against the USD and closed at 1.2961 on Friday.
Data showed that the Nationwide house prices unexpectedly dropped 0.5% on a monthly basis in August, marking its first drop in three months and defying market consensus for an advance of 0.1%. In the previous month, house prices had climbed 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.2925, with the GBP trading 0.28% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2885, and a fall through could take it to the next support level of 1.2845. The pair is expected to find its first resistance at 1.2997, and a rise through could take it to the next resistance level of 1.3069.
Trading trend in the Pound today is expected to be determined by the Markit manufacturing PMI data for August, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
