GBP/USD: UK’s BBA mortgage approvals declined beyond market estimates in November


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.2697 on Friday.

In economic news, UK’s BBA mortgage approvals slid to a level of 39.4K in November, compared to a revised level of 39.6K in the prior month. Market participants had envisaged the BBA mortgage approvals to drop to 38.9K.

In the Asian session, at GMT0400, the pair is trading at 1.2689, with the GBP trading 0.06% lower against the USD from Friday’s close.

The pair is expected to find support at 1.2647, and a fall through could take it to the next support level of 1.2605. The pair is expected to find its first resistance at 1.2719, and a rise through could take it to the next resistance level of 1.2749.

Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.