GBP/USD: UK’s BBA mortgage approvals fell as estimated in December


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 1.01% against the USD and closed at 1.3197 on Friday, amid hopes that the UK will leave the European Union with a deal.

In economic news, UK’s BBA mortgage approvals dropped to a level of 38.8K in December, in line with market expectations. In the prior month, BBA mortgage approvals had registered a revised reading of 39.2K.

In the Asian session, at GMT0400, the pair is trading at 1.3202, with the GBP trading slightly higher against the USD from Friday’s close.

The pair is expected to find support at 1.3105, and a fall through could take it to the next support level of 1.3008. The pair is expected to find its first resistance at 1.3256, and a rise through could take it to the next resistance level of 1.3310.

In absence of key economic releases in the UK today, traders would keep an eye on global macroeconomic releases for further direction.

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

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