For the 24 hours to 23:00 GMT, the GBP rose 0.72% against the USD and closed at 1.3480, on hopes that the UK Prime Minister, Theresa May, will break the current impasse in Brexit negotiations by meeting a Sunday deadline of presenting a deal to the European Union.
In economic news, UK’s Halifax house price index rose 0.5% on a monthly basis in November, rising for the fifth consecutive month. The index had recorded a gain of 0.3% in the previous month, while investors had expected for a rise of 0.2%.
In the Asian session, at GMT0400, the pair is trading at 1.3477, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3369, and a fall through could take it to the next support level of 1.3262. The pair is expected to find its first resistance at 1.3535, and a rise through could take it to the next resistance level of 1.3594.
Trading trend in the Pound today is expected to be determined by the release of Britain’s total trade balance as well as industrial and manufacturing production data, all for October, due to release in a few hours. Moreover, the NIESR GDP estimate for the three months to November, scheduled later today, will also attract significant market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
