GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.28% against the USD and closed at 1.2911.
Data showed that UK’s seasonally adjusted Nationwide house prices advanced 0.5% on a monthly basis in November, more than market consensus. House prices had advanced 0.2% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2913, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2891, and a fall through could take it to the next support level of 1.2869. The pair is expected to find its first resistance at 1.2943, and a rise through could take it to the next resistance level of 1.2973.
Looking ahead, traders would await UK’s consumer credit and mortgage approvals, both for October, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
