GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.27% against the USD and closed at 1.2749 on Friday.
On the data front, UK’s Halifax house price index unexpectedly slid to a six-year low level of 1.4% on a monthly basis in November, defying market consensus for an advance of 0.2%. The index had recorded a gain of 0.7% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2747, with the GBP trading a tad lower against the USD from Friday’s close.
The pair is expected to find support at 1.2703, and a fall through could take it to the next support level of 1.2658. The pair is expected to find its first resistance at 1.2791, and a rise through could take it to the next resistance level of 1.2834.
Trading trend in the sterling today is expected to be determined by UK’s trade balance data, industrial production and manufacturing production, all for October, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
