GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.31% against the USD and closed at 1.5781, as uncertainty over Britain’s future in the European Union continued to weigh over investor sentiment.
In UK’s economic news, the British Bankers Association (BBA) reported that mortgage approvals for house purchases rose to 33,636 in December, from 33,551 approvals in November. Separately, the latest Distributive Trades Survey from Confederation of British Industry (CBI) indicated that, retail sales balance fell to a reading of 17.0 in December as compared to a reading of 19.0 in the previous month. Market had expected CBI reported retail sales to fall to a reading of 15.0 in January.
In the Asian session, at GMT0400, the pair is trading at 1.5772, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5734, and a fall through could take it to the next support level of 1.5696. The pair is expected to find its first resistance at 1.5831, and a rise through could take it to the next resistance level of 1.5890.
In the midst of persistent worries about the UK economy, traders brace for a weak fourth quarter GDP figures scheduled for release today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
