GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.5352.
In economic news, UK’s BBA mortgage approvals dropped to a four-month low reading of 44.5k in September, against market expectations for a rise to a level of 47.4K, and compared to an upwardly revised reading of 46.6K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5358, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5319, and a fall through could take it to the next support level of 1.5281. The pair is expected to find its first resistance at 1.5390, and a rise through could take it to the next resistance level of 1.5422.
Going ahead, investors will brace themselves for UK’s Q3 GDP data, scheduled to be released in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
