GBP/USD: UK house prices increased for the first time in five months in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.64% against the USD and closed at 1.3060 on Friday.

On the data front, UK’s Halifax house prices rose 1.6% on a monthly basis in the three months ended July, marking its first rise since February and compared to a revised flat reading in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3069, with the GBP trading 0.07% higher against the USD from Friday’s close.

The pair is expected to find support at 1.3007, and a fall through could take it to the next support level of 1.2945. The pair is expected to find its first resistance at 1.3134, and a rise through could take it to the next resistance level of 1.3199.

Moving ahead, traders would keep a watch on UK’s BRC like-for-like retail sales for July, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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