GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.3071.
On the data front, UK’s seasonally adjusted Halifax house price index eased more-than-forecasted by 1.0% on a monthly basis in July, indicating that the nation’s house price growth is slowing post Brexit vote. The index recorded a revised gain of 1.2% in the prior month, compared to market expectations for a fall by 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3085, with the GBP trading 0.11% higher against the USD from Friday’s close.
The pair is expected to find support at 1.3011, and a fall through could take it to the next support level of 1.2938. The pair is expected to find its first resistance at 1.3166, and a rise through could take it to the next resistance level of 1.3248.
Going forward, market participants await the release of UK’s BRC retail sales monitor data for July, slated to release tonight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
