GBP/USD: Resistance is 1.2785/1.2795, with the 40-DMA just above at 1.2815 – Scotiabank

Sterling shrugs off more weak housing data. Economists at Scotiabank analyze GBP outlook.

Further weakening in the UK housing market

The RICS House Price data survey weakened to its lowest level since 2009 in July as higher rates and tighter credit conditions weighed on activity. 

Cable is trading a little firmer on the day but remains within its recent trading range. 

Support is 1.2695/1.2700. Resistance is 1.2785/1.2795, with the 40-Day Moving Average just above at 1.2815.

See: EUR/GBP seems happy to trace out an 0.8600-0.8650 range for the time being – ING