GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.18% against the USD and closed at 1.6493.
In the UK, the British Bankers’ Association (BBA) reported that the number of mortgage approvals for house purchases rose to 33,417 in July, compared to total approvals of 32,123 recorded in the previous month. The Confederation of British Industry (CBI) in its latest industrial trends survey reported that the total order book balance rose to 1.0% in August, compared to -10.0% recorded in the previous month.
The pair opened the Asian session at 1.6493, and is trading at 1.6481 at 3.00GMT. The pair is trading 0.07% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6548, followed by the next resistance at 1.6615. The first support is at 1.6438, with the subsequent support at 1.6395.
Trading trends in the pair today are expected to be determined by housing prices and consumer confidence data in the UK.
The currency pair is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
