GBPUSD Movement
On Friday, GBP fell 0.28% against the USD and closed at 1.5214, after Nationwide house price data came in weaker than expected in June.
The Nationwide Building Society of UK reported that on a non-seasonally adjusted annual basis, house prices in UK climbed 1.9% in June, less than market estimate of a rise of 2.1%, while on a seasonally adjusted monthly basis, house prices rose 0.3% in June, slower compared to 0.4% rise recorded in May. However, the UK index of services surpassed rose 0.2% in April, against market expectations of a 0.1% rise.
In the Asian session, at GMT0300, the pair is trading at 1.5213, with the GBP trading marginally lower from Friday’s close.
This morning, the Hometrack house prices in UK climbed 0.4% (MoM) in June, compared to a similar rise reported in May.
Also today, Mark Carney has officially become the new Bank of England Governor, succeeding Sir Mervyn King and shall serve a five-year term.
The pair is expected to find support at 1.5158, and a fall through could take it to the next support level of 1.5103. The pair is expected to find its first resistance at 1.5274, and a rise through could take it to the next resistance level of 1.5335.
The economic releases scheduled for release later today in the UK includes manufacturing PMI and the mortgage approvals data.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
