For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.3089 on Friday.

On the data front, UK’s Nationwide housing prices unexpectedly rose 1.7% on a monthly basis in July, marking its first monthly increase since April and confounding market expectations for a drop of 0.1%. In the prior month, house prices had recorded a revised fall of 1.6%.

In the Asian session, at GMT0400, the pair is trading at 1.3087, with the GBP slightly trading lower against the USD from Friday’s close.

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The pair is expected to find support at 1.3039, and a fall through could take it to the next support level of 1.2992. The pair is expected to find its first resistance at 1.3152, and a rise through could take it to the next resistance level of 1.3218.

Moving forward, traders would keep a watch on UK’s Markit manufacturing PMI for July, slated to release in a few hours.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.


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