GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.57% against the USD and closed at 1.2171 on Friday, after data indicated that UK’s construction output fell surprisingly by 1.5% MoM in August, against market expectations for a rise by 0.2% and following a revised increase of 0.5% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2168, with the GBP trading a tad lower from Friday’s close.
The pair is expected to find support at 1.2124, and a fall through could take it to the next support level of 1.2080. The pair is expected to find its first resistance at 1.2236, and a rise through could take it to the next resistance level of 1.2304.
Moving ahead, investors would look forward to UK’s CB leading economic index for September, scheduled to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
