GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.45% against the USD and closed at 1.2599 on Friday.
Macroeconomic data indicated that, UK’s construction output unexpectedly advanced by 0.3% on a monthly basis in September, confounding market expectations for a flat reading and following a revised drop of 1.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2559, with the GBP trading 0.32% lower against the USD from Friday’s close.
Overnight data showed that, UK’s Rightmove house price index fell by 1.1% on a monthly basis in November, following a rise of 0.9% in the previous month.
The pair is expected to find support at 1.2486, and a fall through could take it to the next support level of 1.2412. The pair is expected to find its first resistance at 1.2653, and a rise through could take it to the next resistance level of 1.2746.
Amid a lack of economic releases in UK today, investors would look forward to global events for direction.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
