GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.36% against the USD and closed at 1.2908.
In economic news, UK’s seasonally adjusted construction output declined more-than-expected by 2.2% YoY in June, compared to market expectations for a fall of 2.1% and following a revised drop of 1.6% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2922, with the GBP trading 0.11% higher against the USD from Friday’s close.
Early morning data revealed that, UK’s average asking prices for homes, reported by Rightmove, eased 1.2% MoM in August, compared to a drop of 0.9% in the previous month.
The pair is expected to find support at 1.2867, and a fall through could take it to the next support level of 1.2813. The pair is expected to find its first resistance at 1.3005, and a rise through could take it to the next resistance level of 1.3089.
With no economic releases in the UK today, market participants would await the release of UK’s consumer price index data for July, due to release tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
