GBPUSD Movement
On Friday, GBP traded marginally higher against the USD and closed at 1.6260.
In economic news, construction output in the UK stagnated on a monthly basis in July, against market expectations for a rise of 0.6% and compared to 1.2% increase in June. On the other hand, the nation’s CB leading economic index advanced 0.1% on a MoM basis in July, compared to an increase of 0.6% registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6244, with the GBP trading 0.1% lower from Friday’s close.
Over the weekend, the UK Rightmove house price index climbed 0.9%, on a monthly basis in September. The index had dropped 2.9% in the previous month.
The pair is expected to find support at 1.6208, and a fall through could take it to the next support level of 1.6171. The pair is expected to find its first resistance at 1.6278, and a rise through could take it to the next resistance level of 1.6311.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
