GBP/USD: UK’s net consumer credit advanced less-than-estimated in December


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.3117.

On the data front, UK’s net consumer credit rose £0.7 billion in December, less than market expectations for a rise of £0.8 billion. In the previous month, net consumer credit had recorded a rise of £0.9 billion. Moreover, Britain’s mortgage approvals slightly fell to a level of 63.8K in December, less than market consensus for a drop to a level of 63.0K. In the preceding month, the mortgage approvals had recorded a reading of 63.9K.

In the Asian session, at GMT0400, the pair is trading at 1.3132, with the GBP trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that, the nation’s GFK consumer confidence remained unchanged at a level of -14.0 in January, compared to market expectations for a fall to a level of -15.0.

The pair is expected to find support at 1.3076, and a fall through could take it to the next support level of 1.3020. The pair is expected to find its first resistance at 1.3167, and a rise through could take it to the next resistance level of 1.3202.

Trading trend in the Sterling today is expected to be determined by UK’s Nationwide house price index for January, set to release in a while.

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

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