GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.2158.
Data indicated that UK’s seasonally adjusted Nationwide house price index advanced 0.3% on a monthly basis in July, surpassing market anticipations for a gain of 0.2%. In the prior month, house prices had registered a gain of 0.1% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2129, with the GBP trading 0.24% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2070, and a fall through could take it to the next support level of 1.2012. The pair is expected to find its first resistance at 1.2218, and a rise through could take it to the next resistance level of 1.2308.
Looking forward, traders would keep an eye on the Bank of England’s interest rate decision followed by UK’s manufacturing PMI for July, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
