GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.2254, after UK’s seasonally adjusted Nationwide house prices advanced more-than-expected by 0.8% MoM in December, compared to market expectations for a rise of 0.2% and following a revised flat reading in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2280, with the GBP trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2228, and a fall through could take it to the next support level of 1.2176. The pair is expected to find its first resistance at 1.2320, and a rise through could take it to the next resistance level of 1.2360.
Looking ahead, investors will closely monitor Britain’s manufacturing, services and construction PMI, accompanied with the nation’s consumer credit data, all scheduled to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
