Pound Trading On A Weaker Footing In The Asian Session
GCI Financial | Jul 20, 2015 03:58AM ET
On Friday, the GBP marginally declined against the USD and closed at 1.5605, surrendering its earlier session gains.
In the Asian session, at GMT0300, the pair is trading at 1.5585, with the GBP trading 0.13% lower from Friday’s close.
Earlier today, data revealed that Britain’s Rightmove house price index rose 0.1% MoM in July, following an increase of 3.0% in the preceding month.
The pair is expected to find support at 1.5535, and a fall through could take it to the next support level of 1.5485. The pair is expected to find its first resistance at 1.5654, and a rise through could take it to the next resistance level of 1.5724.
Going forward, market participants would keep a close eye on Britain’s public sector net borrowing data, scheduled in a few hours for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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