GBPUSD Movement
On Friday, GBP traded marginally higher against the USD and closed at 1.6597.
In economic news, the seasonally adjusted house prices in the UK recorded a rise of 0.8% in August, on a monthly basis, higher than market expectations for an advance of 0.1%, following a rise of 0.2% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.6597, with the GBP trading flat from Friday’s close.
The pair is expected to find support at 1.6569, and a fall through could take it to the next support level of 1.6540. The pair is expected to find its first resistance at 1.6620, and a rise through could take it to the next resistance level of 1.6642.
Trading trends in the Pound today are expected to be determined by the manufacturing activity data from the UK, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
