GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.58% against the USD and closed at 1.5371.
In the Asian session, at GMT0300, the pair is trading at 1.5379, with the GBP trading a tad higher from yesterday’s close.
Overnight data indicated that Britain’s house price balance recorded a rise to 40.0 in June, compared to market expectations of a rise to 36.0. It followed a level of 34.0 in May.
The pair is expected to find support at 1.5316, and a fall through could take it to the next support level of 1.5253. The pair is expected to find its first resistance at 1.5455, and a rise through could take it to the next resistance level of 1.5532.
Going forward, the BoE’s interest rate decision, scheduled in a few hours would be closely watched by the market participants. Meanwhile, the NIESR’s upbeat assessment of the UK economy has heighted expectations that the BoE will start increasing interest rates early next year.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
