GBP/USD: Britain’s BBA mortgage approvals dropped to its lowest level in 15 months in November


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.2% against the USD and closed at 1.3434.

On the data front, UK’s BBA mortgage approvals unexpectedly dropped to a level of 39.5K in November, dropping to its lowest level in over a year, suggesting that the nation’s housing market is losing steam. Markets had expected mortgage approvals to rise to a level of 41.5K, after registering a revised level of 40.4K in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3456, with the GBP trading 0.16% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3428, and a fall through could take it to the next support level of 1.3401. The pair is expected to find its first resistance at 1.3471, and a rise through could take it to the next resistance level of 1.3487.

Going ahead, investors would look forward to Britain’s Markit manufacturing, services and construction PMIs, scheduled to release next week, to gauge the nation’s economic strength.

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

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