GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.37% against the USD and closed at 1.3096, after UK’s Halifax house price index climbed more-than-expected by 1.1% on a monthly basis in August, surging at its fastest pace in eight months, suggesting that upswing in the nation’s property market may be on the horizon. In the previous month, the index had advanced by a revised 0.7%, while markets were anticipating for a gain of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3128, with the GBP trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3061, and a fall through could take it to the next support level of 1.2994. The pair is expected to find its first resistance at 1.3167, and a rise through could take it to the next resistance level of 1.3206.
Trading trends in the Pound is expected to be determined by the release of Britain’s industrial as well as manufacturing production data along with total trade balance figures, all for July, slated to release in a few hours. Also, later in the day, traders would eye the NIESR GDP estimate numbers for the three months ended August.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
