GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.6161, after the Halifax house price index in Britain advanced 0.6% on a monthly basis in September, exceeding market expectations for a 0.2% gain, thus easing concerns over the health of the UK’s housing market.
In the Asian session, at GMT0300, the pair is trading at 1.6169, with the GBP trading marginally higher from yesterday’s close.
Overnight data revealed that the RICS house price balance in the UK fell to 30.0 in September, marking its first decline since January 2011, after registering a revised reading of 39.0 in August. Market expectations were for it to drop to a level of 36.0 in September.
The pair is expected to find support at 1.6073, and a fall through could take it to the next support level of 1.5977. The pair is expected to find its first resistance at 1.6224, and a rise through could take it to the next resistance level of 1.6279.
Going forward, investors await the BoE’s crucial interest rate decision, scheduled later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
