GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.17% against the USD and closed at 1.5203, after UK’s construction output fell for the third consecutive month in September.
Data showed that Britain’s construction output unexpectedly declined by 0.2% MoM in September, after witnessing a 3.4% drop in the previous month, and against expectations for a rise of 1.5%.
In the Asian session, at GMT0400, the pair is trading at 1.5211, with the GBP trading marginally higher from Friday’s close.
Early morning data showed that UK’s Rightmove house price index fell 1.3% MoM in November, after recording a 0.6% rise in the previous month.
The pair is expected to find support at 1.5178, and a fall through could take it to the next support level of 1.5144. The pair is expected to find its first resistance at 1.5255, and a rise through could take it to the next resistance level of 1.5298.
Moving ahead, investors will look forward to UK’s inflation report hearings and consumer price inflation data for October, scheduled to be released tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
