GBP/USD: Pound trading higher after house prices in the UK rose in May

GBPUSD Movement

For the 24 hours to 23:00 GMT on Friday, GBP rose 0.25% against the USD and closed at 1.5828.

Earlier, GBP had come under pressure, after Bank of England policymaker, Adam Posen, stated that he may have been premature in dropping his call for additional stimulus last month, as recent data suggest that the UK economy may be weakening.

In the Asian session, at GMT0300, the pair is trading at 1.5829, with the GBP trading marginally higher from Friday’s close.

This morning, in the UK, Rightmove house price index rose 2.0% (YoY) in May, compared to a rise of 3.4% in April.

The pair is expected to find support at 1.5761, and a fall through could take it to the next support level of 1.5694. The pair is expected to find its first resistance at 1.5868, and a rise through could take it to the next resistance level of 1.5906.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.