GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.06% against the USD and closed at 1.4810.
In economic news, UK’s nationwide house price index rose more-than-expected by 0.8% on a monthly basis in December, notching its biggest gain in eight months, after recording a rise of 0.1% in the previous month and compared to investor expectations for an advance of 0.4%.
In the Asian session, at GMT0400, the pair is trading at 1.4823, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.4794, and a fall through could take it to the next support level of 1.4765. The pair is expected to find its first resistance at 1.4851, and a rise through could take it to the next resistance level of 1.4880.
Moving ahead, investors will look forward to UK’s Markit manufacturing and services PMI, construction PMI, consumer credit and mortgage approvals data, all scheduled to be released next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
