GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.45% against the USD and closed at 1.3927, after UK’s mortgage approvals advanced more-than-anticipated to a two-year high level of 74.6K in January, from a revised reading of 71.3K in the preceding month and compared to investor expectations for a rise to a level of 74.0K. Additionally, the nation’s net consumer credit rose more-than-expected by £1.6 billion in January, expanding at the fastest pace in a decade. Meanwhile, markets expected it to rise by £1.4 billion, following a revised increase of £1.1 billion in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.3939, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.3867, and a fall through could take it to the next support level of 1.3796. The pair is expected to find its first resistance at 1.3979, and a rise through could take it to the next resistance level of 1.4019.
Going ahead, investors await the release of UK’s seasonally adjusted Markit manufacturing PMI for February, due to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
