GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.9% against the USD and closed at 1.3218, after UK’s construction output declined more-than-expected by 2.1% MoM in May, following a revised rise of 2.8% in the previous month, suggesting that the sector may drag on the nation’s economic growth in the second quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3227, with the GBP trading 0.07% higher against the USD from Friday’s close.
Overnight data indicated that, UK’s Rightmove house price index fell 0.9% MoM in July, after advancing by 0.8% in the prior month.
The pair is expected to find support at 1.3078, and a fall through could take it to the next support level of 1.2929. The pair is expected to find its first resistance at 1.3428, and a rise through could take it to the next resistance level of 1.3629.
Going ahead, investors will look forward to the UK’s consumer price index data for June, along with the BoE’s financial stability report, scheduled to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
