GBPUSD Movement
On Friday, GBP rose 0.33% against the USD and closed at 1.6746 after the Nationwide housing prices in the UK rose for the 14th straight month by 0.6% (MoM) in February, broadly in-line with market estimates, but slightly slower than a 0.8% rise recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6747, with the GBP trading tad higher from Friday’s close. Early morning, the Hometrack reported that, on a seasonally adjusted basis, housing prices in the UK rose 0.7% (MoM) in February, following a 0.3% (MoM) rise registered in January.
The pair is expected to find support at 1.6692, and a fall through could take it to the next support level of 1.6637. The pair is expected to find its first resistance at 1.6786, and a rise through could take it to the next resistance level of 1.6825.
Market participants are expected to keep a close tab on the UK’s Markit manufacturing PMI, consumer credit, mortgage approvals and net lending to individuals data, scheduled for release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
