For the 24 hours to 23:00 GMT, the GBP declined 0.10% against the USD and closed at 1.2213.
In the Asian session, at GMT0300, the pair is trading at 1.2227, with the GBP trading 0.11% higher against the USD from yesterday’s close.
Overnight data showed that UK’s RICS house price balance unexpectedly advanced to a level of -2.0% in September, defying market anticipation for a fall to a level of -7.0%. In the previous month, house price balance had registered a level of -4.0%.
The pair is expected to find support at 1.2186, and a fall through could take it to the next support level of 1.2146. The pair is expected to find its first resistance at 1.2279, and a rise through could take it to the next resistance level of 1.2332.
Trading trend in the Sterling today, is expected to be determined by UK’s gross domestic product, total trade balance data, manufacturing production and industrial production, all for August, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
