GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.24% against the USD and closed at 1.2537.
UK’s lower house of Parliament passed legislation to allow the British Prime Minister, Theresa May’s government to officially begin the Brexit process.
In the Asian session, at GMT0400, the pair is trading at 1.2518, with the GBP trading 0.15% lower against the USD from yesterday’s close.
Data released overnight indicated that UK’s RICS house price balance unexpectedly rose to a level of 25.0 in January, compared to a revised level of 23.0 in the previous month, while markets were anticipating house price balance to drop to a level of 22.0.
The pair is expected to find support at 1.2477, and a fall through could take it to the next support level of 1.2436. The pair is expected to find its first resistance at 1.2554, and a rise through could take it to the next resistance level of 1.2590.
Looking ahead, investors await a speech by the Bank of England (BoE) Governor, Mark Carney, due overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
