GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.13% against the USD and closed at 1.6188, as an upbeat domestic mortgage approval data, bolstered the recovery prospect of the Britain economy.
In the UK, data showed that mortgage approval in the nation surged to a level of 62,226 in August, surpassing market expectation for a rise to 61,350 and compared to a reading of 60,914 registered in the previous month. Meanwhile, consumer credit in the nation rose to a level of £0.6 billion during August, following a similar reading recorded in the preceding month.
Meanwhile, the US Dollar came under pressure following media reports that the Senate voted 54-46 to reject the House’s short-term extension of government funding, strengthening the prospect for a first government shutdown in 17 years.
In the Asian session, at GMT0300, the pair is trading at 1.6236, with the GBP trading 0.30% higher from yesterday’s close.
The pair is expected to find support at 1.6161, and a fall through could take it to the next support level of 1.6085. The pair is expected to find its first resistance at 1.6279, and a rise through could take it to the next resistance level of 1.6321.
Traders are expected to keep a close watch on the release of the UK’s Markit manufacturing data, which the market expects to register an improvement in the month of September.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
