GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.94% against the USD and closed at 1.4280, following the release of dismal UK construction output data.
Data showed that seasonally adjusted construction output in the UK surprisingly declined 0.5% MoM in November, falling to its lowest level since May 2013, against investor expectations for an advance of 0.5% and after a 0.2% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4276, with the GBP trading marginally lower from Friday’s close.
Early this morning, data showed that Britain’s Rightmove house price index advanced for the first time in three months by 0.5% MoM in January, after registering a drop of 1.1% in the previous month.
The pair is expected to find support at 1.4212, and a fall through could take it to the next support level of 1.4148. The pair is expected to find its first resistance at 1.4378, and a rise through could take it to the next resistance level of 1.448.
Moving ahead, investors will keep a close watch on UK’s consumer price inflation data for December, scheduled to be released tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
