GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.11% against the USD and closed at 1.3101.
Data indicated that UK’s Halifax house price index advanced 4.0% on an annual basis in the October-December 2019 period, more than market forecast and compared to a rise of 2.1% in the September-November 2019 period.
In the Asian session, at GMT0400, the pair is trading at 1.3107, with the GBP trading 0.05% higher against the USD from yesterday’s close.
Overnight data showed that Britain’s BRC retail sales across all sectors climbed 1.7% on an annual basis in December, less than market expectations for a rise of 2.0%. In the previous month, retail sales had recorded a drop of 4.9%.
The pair is expected to find support at 1.3069, and a fall through could take it to the next support level of 1.3030. The pair is expected to find its first resistance at 1.3158, and a rise through could take it to the next resistance level of 1.3208.
Looking ahead, traders would await UK’s RICS housing price balance for December, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
