GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 2.79% against the USD and closed at 1.2664 on Friday.
On the data front, UK’s Halifax house prices fell 0.2% on a monthly basis in May, less than market expectations for drop of 0.7% and compared to a fall of 0.6% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2702, with the GBP trading 0.30% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2614, and a fall through could take it to the next support level of 1.2525. 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 1.2819.
Moving forward, traders would keep a watch on UK’s BRC like-for-like retail sales for May, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
