GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.29% against the USD and closed at 1.2184, after Queen Elizabeth approved British Prime Minister, Boris Johnson’s request to suspend Parliament before Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2179, with the GBP trading a tad lower against the USD from yesterday’s close.
Overnight data showed that UK’s Gfk consumer confidence index fell to a six-year low level of -14.0 in August, higher than market expectations for a drop to a level of -12.0. The index had recorded a level of -11.0 in the previous month. Further, the nation’s Lloyds business barometer eased to a level of 1.0%, following a reading of 13.0% in the previous month.
The pair is expected to find support at 1.2157, and a fall through could take it to the next support level of 1.2134. The pair is expected to find its first resistance at 1.2217, and a rise through could take it to the next resistance level of 1.2254.
Trading trend in the Sterling today, is expected to be determined by UK’s Nationwide house price index for August along with net consumer credit and mortgage approvals, both for July, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
