6 Dec 2013
GBP/USD rises on strong house price data
FXstreet.com (Córdoba) - The GBP/USD rose to fresh daily highs above 1.6350 underpinned by strong UK house price data.
UK house prices rose by 1.1% in November, nearly doubling expectations, which is the fastest pace in 6 years. The GBP/USD bounced from the 10-day SMA at 1.6317 and climbed to a fresh daily high of 1.6364 after the data, although it lacked momentum to break above the 100-hour SMA and settled just below as investors await the US NFP report.
GBP/USD levels to watch
At time of writing, the Cable is trading at the 1.6355 zone, recording a 0.1% gain on the day, with immediate resistances at 1.6368 (100-hour SMA), 1.6400 (psychological level) and 1.6441 (2013 high Dec 2). On the flip side, supports are seen at 1.6317 (10-day SMA) and 1.6300 (psychological level).
UK house prices rose by 1.1% in November, nearly doubling expectations, which is the fastest pace in 6 years. The GBP/USD bounced from the 10-day SMA at 1.6317 and climbed to a fresh daily high of 1.6364 after the data, although it lacked momentum to break above the 100-hour SMA and settled just below as investors await the US NFP report.
GBP/USD levels to watch
At time of writing, the Cable is trading at the 1.6355 zone, recording a 0.1% gain on the day, with immediate resistances at 1.6368 (100-hour SMA), 1.6400 (psychological level) and 1.6441 (2013 high Dec 2). On the flip side, supports are seen at 1.6317 (10-day SMA) and 1.6300 (psychological level).