GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.25% against the USD and closed at 1.2641 on Friday.
On the data front, UK’s seasonally adjusted Nationwide house prices index unexpectedly declined 0.2% on a monthly basis in May, defying market expectations for a steady reading. In the prior month, the index had registered a revised rise of 0.3%. Meanwhile, the nation’s net consumer credit rose £0.9 billion in April, rising at its slowest pace since 2014 and compared to a revised advance of £0.6 billion in the prior month. Market participants had anticipated net consumer credit to record a climb of £1.0 billion. Furthermore, Britain’s mortgage approvals for house purchases climbed to a level of 66.3K in April, surpassing market consensus for a rise to a level of 63.7K. In the prior month, mortgage approvals for house purchases had recorded a revised reading of 62.6K.
In the Asian session, at GMT0300, the pair is trading at 1.2655, with the GBP trading 0.11% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2591, and a fall through could take it to the next support level of 1.2527. The pair is expected to find its first resistance at 1.2687, and a rise through could take it to the next resistance level of 1.2719.
Going ahead, investors would keep an eye on UK’s Markit manufacturing PMI for May, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
