GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.07% against the USD and closed at 1.2567 on Friday.
In economic news, data revealed that UK’s total trade deficit narrowed more-than-anticipated to £2.0 billion in October, amid a record high surge in exports. The nation registered a revised deficit of £5.8 billion in the prior month, while investors had envisaged the nation to post a deficit of £4.3 billion. Also, the nation’s consumer inflation expectations jumped to its highest level since 2014, after it climbed 2.8% in November, compared to a rise of 2.2% in the previous month. On the other hand, the nation’s seasonally adjusted construction output unexpectedly fell 0.6% MoM in October, defying market expectations for a gain of 0.2% and following a revised rise of 0.9% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.2582, with the GBP trading 0.12% higher against the USD from Friday’s close.
Overnight data showed that the nation’s Rightmove house price index slid 2.1% on a monthly basis in December. In the previous month, the index had registered a rise of 1.1%.
The pair is expected to find support at 1.2547, and a fall through could take it to the next support level of 1.2511. The pair is expected to find its first resistance at 1.2619, and a rise through could take it to the next resistance level of 1.2655.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
