GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.28% against the USD and closed at 1.2294 on Friday.
Data showed that the Halifax house price index rose 0.3% on a monthly basis in August, more than market expectations. In the previous month, the index had recorded a revised gain of 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.2282, with the GBP trading 0.10% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2257, and a fall through could take it to the next support level of 1.2233. The pair is expected to find its first resistance at 1.2325, and a rise through could take it to the next resistance level of 1.2369.
Looking ahead, traders would await UK’s industrial production, manufacturing production and trade balance data, all for July, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
