GBP/USD: Britain’s BBA mortgage approvals advanced in October


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.05% against the USD and closed at 1.2810.

Macroeconomic data showed that UK’s BBA mortgage approvals climbed to a level of 39.7K in October, hitting its highest level in five months and following a revised level of 38.7K in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.2812, with the GBP trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2789, and a fall through could take it to the next support level of 1.2767. The pair is expected to find its first resistance at 1.2849, and a rise through could take it to the next resistance level of 1.2887.

Trading trend in the Sterling today is expected to be determined by UK’s CBI distributive trades survey for November, set to release in a few hours

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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