GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.30% against the USD and closed at 1.2735 on Friday.
In economic news, UK’s Halifax house price index advanced 5.2% on a yearly basis in the March-May 2019 period, rising at its quickest pace in 2-years and surpassing market expectations for a rise of 5.0%. In the February-April 2019 period, the index had recorded a rise of 5.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2725, with the GBP trading 0.08% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2690, and a fall through could take it to the next support level of 1.2656. The pair is expected to find its first resistance at 1.2761, and a rise through could take it to the next resistance level of 1.2798.
Moving ahead, traders would closely monitor UK’s gross domestic product, industrial production, manufacturing production and trade balance data, all for April, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
