GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.28% against the USD and closed at 1.5409, as robust US economic numbers lifted the greenback.
In economic news, the British Bankers’ Association (BBA) reported that UK’s major mortgage providers approved 36.10K mortgage requests in May. Also, the Confederation of British Industry (CBI) in its monthly Distributive Trade Survey reported that retail sales balance improved to 1.0 in June.
Meanwhile, in his final testimony, the Bank of England Governor, Mervyn King stated that Central banks are a long way off from tightening monetary policy. He defended Federal Reserve Chairman, Ben Bernanke’s comment on scaling back bond purchases and added that markets overreacted to Bernanke’s comments.
In the Asian session, at GMT0300, the pair is trading at 1.5421, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5386, and a fall through could take it to the next support level of 1.5350. The pair is expected to find its first resistance at 1.5468, and a rise through could take it to the next resistance level of 1.5514.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
