GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.58% against the USD and closed at 1.2722 on Friday, after Brexit negotiations between the Conservatives and Labour collapsed.
Data revealed that UK’s Rightmove house price index rebounded 0.1% on a yearly basis in May, following a decline of 0.1% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2735, with the GBP trading 0.10% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2702, and a fall through could take it to the next support level of 1.2668. The pair is expected to find its first resistance at 1.2782, and a rise through could take it to the next resistance level of 1.2828.
Amid lack of macroeconomic releases in UK today, investors would focus on global macroeconomic releases for further cues.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
