GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 1.01% against the USD, on Friday, and closed at 1.6392.
In the UK, the output price inflation, on an annual basis, rose to 5.9% in July, the highest since October 2008 and compared to a rate of 5.7% recorded in June. Additionally, house prices increased for the third month in a row in July, according to the latest Halifax House Price Index. On a monthly basis, the house prices rose 0.3% in July.
The pair opened the Asian session at 1.6423, and is trading at 1.6411 at 3.00GMT. The pair is trading 0.12% higher from Friday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6501, followed by the next resistance at 1.6592. The first support is at 1.6280, with the subsequent support at 1.6150.
Trading trends in the pair today are expected to be determined by data release on housing price balance and BRC retail sales monitor in the UK.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
