GBPUSD Movement
On Friday, GBP declined 0.15% against the USD and closed at 1.5708, after construction output in the UK surprisingly eased 2.2% on a monthly basis in October, following a revised gain of 2.2% registered in the prior month. Market expectations were for it to rise 0.7%.
In other economic news, the nation’s CB leading economic index slid 0.3% in October, after registering a drop of 0.4% in September.
In the Asian session, at GMT0400, the pair is trading at 1.5708, with the GBP trading flat from Friday’s close.
Early morning data indicated that the Rightmove house price index in the UK retreated 3.3% on a MoM basis in December, compared to a drop of 1.7% registered in the prior month.
The pair is expected to find support at 1.5686, and a fall through could take it to the next support level of 1.5664. The pair is expected to find its first resistance at 1.5738, and a rise through could take it to the next resistance level of 1.5769.
Amid a light economic calendar in the UK today, investors await Britain’s CPI data, scheduled for tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
