GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.2928.
On the macro front, Britain’s seasonally adjusted Nationwide house prices recorded an unexpected drop of 0.1% on a monthly basis in August, compared to a revised advance of 0.2% in the prior month, while markets anticipated for a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.2926, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2901, and a fall through could take it to the next support level of 1.2876. The pair is expected to find its first resistance at 1.2965, and a rise through could take it to the next resistance level of 1.3004.
Looking ahead, UK’s net consumer credit and mortgage approvals data, both for July, set to release in a few hours, will garner a lot of market attention. Moreover, the nation’s GfK consumer confidence for August, due to release overnight will also be eyed by traders.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
