GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.38% against the USD and closed at 1.5215.
In economic news, UK’s construction output edged up less-than-anticipated by 0.2% MoM in October, after remaining flat in the previous month. Investors had expected it to rise 1.0%. Also, the nation’s consumer inflation expectations index for the next 12 months remained steady at 2.0% in November.
In the Asian session, at GMT0400, the pair is trading at 1.5189, with the GBP trading 0.17% lower from Friday’s close.
Early morning data showed that Britain’s Rightmove house price index declined 1.1% MoM in December, after registering a drop of 1.3% in the previous month.
The pair is expected to find support at 1.5129, and a fall through could take it to the next support level of 1.5069. The pair is expected to find its first resistance at 1.5246, and a rise through could take it to the next resistance level of 1.5302.
Moving ahead, investors will look forward to UK’s consumer price inflation data for November, scheduled to be released tomorrow, for further cues.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
