GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.12% against the USD and closed at 1.6044, after data showed that, on a non-seasonally adjusted basis, UK’s nationwide housing prices rose 5.8% (YoY) in October, more than analysts’ expectation for a rise of 5.1% and compared to a 5.0% increase recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6033, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.6002, and a fall through could take it to the next support level of 1.5971. The pair is expected to find its first resistance at 1.6067, and a rise through could take it to the next resistance level of 1.6101.
Later today, market players keenly await CIPS/Markit’s report on the UK’s manufacturing PMI, which is expected to decline to a level of 56.1 in October, from a reading of 56.7 registered in the preceding month.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
