GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 2.13% against the USD and closed at 1.2750.
In the Asian session, at GMT0300, the pair is trading at 1.2732, with the GBP trading 0.14% lower against the USD from yesterday’s close.
Overnight data showed that UK’s RICS housing price balance dropped to -32.0% in May, hitting its lowest level in 10 years and compared to a revised drop of -22.0% in the previous month.
The pair is expected to find support at 1.2689, and a fall through could take it to the next support level of 1.2646. The pair is expected to find its first resistance at 1.2794, and a rise through could take it to the next resistance level of 1.2856.
Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
