GBPUSD Movement
On Friday, GBP rose 0.59% against the USD and closed at 1.6134, after the Bank of England (BoE) Governor, Mark Carney, stated that as the economic recovery of the nation has gained momentum, there is no reason for the central bank to expand the size of its quantitative easing programme.
The pound also found some support from upbeat housing data, which indicated that, on a non-seasonally adjusted basis, the nationwide housing prices rose 5.0% (YoY) in September, more than analysts’ call for a rise to 4.5% and following a 3.5% increase seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6169, with the GBP trading 0.22% higher from Friday’s close.
The pair is expected to find support at 1.6078, and a fall through could take it to the next support level of 1.5986. The pair is expected to find its first resistance at 1.6222, and a rise through could take it to the next resistance level of 1.6274.
Traders are expected to keep a close watch on UK’s mortgage approval data and an official report on the nation’s M4 money supply, scheduled to release later during the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
