GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined marginally against the USD and closed at 1.4474, after UK’s seasonally adjusted construction output rose less-than-expected by 1.5% MoM in December while markets expected it to gain 2.0% and compared to a revised fall of 1.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4523, with the GBP trading 0.34% higher from Friday’s close.
Early this morning, data showed that the nation’s Rightmove house price index advanced by 2.9% MoM in February, from a rise of 0.5% in the previous month.
The pair is expected to find support at 1.4454, and a fall through could take it to the next support level of 1.4384. The pair is expected to find its first resistance at 1.4582, and a rise through could take it to the next resistance level of 1.4641.
Moving ahead, investors will look forward to UK’s consumer price index data for January, slated to release tomorrow, for further ques.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
