GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.75% against the USD and closed at 1.2886.
Data revealed that UK’s BBA mortgage applications dropped to a level of 38.5K in September, compared to a level of 39.2K in the prior month. Market participants had envisaged the mortgage applications to fall to a level of 39.0K.
In the Asian session, at GMT0300, the pair is trading at 1.2889, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2841, and a fall through could take it to the next support level of 1.2792. The pair is expected to find its first resistance at 1.2964, and a rise through could take it to the next resistance level of 1.3038.
With no macroeconomic releases in the UK today, investors would look forward to global macroeconomic releases for further directions.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
