GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.38% against the USD and closed at 1.6414.
Yesterday, a study released by British research group the Centre for Economics and Business Research (CEBR) indicated that Britain would surpass France and Germany to become Europe’s biggest economy by 2030, citing the UK’s population growth as an aid to economic acceleration.
Meanwhile, on Tuesday the British Bankers’ Association (BBA) reported that mortgage approvals in the UK rose to a level of 45,044 in November, from a revised level of 43,315 reported in the previous month. Markets were expecting the UK mortgage approvals to increase to 44,500 in November.
In the Asian session, at GMT0400, the pair is trading at 1.6441, with the GBP trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.6389, and a fall through could take it to the next support level of 1.6338. The pair is expected to find its first resistance at 1.6471, and a rise through could take it to the next resistance level of 1.6502.
Trading trends in the pair would be dictated by news across the globe, as no economic releases are on tap today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
