GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.3136.
On the macro front, UK’s net consumer credit climbed £1.6 billion in June, compared to a revised similar rise in the prior month. Market participants had envisaged net consumer credit to advance £1.4 billion. Moreover, the nation’s mortgage approvals rose to a 5-month high level of 65.6K in June, more than market expectations for a rise to a level of 65.5K. Number of mortgage approvals had registered a revised reading of 64.7K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3119, with the GBP trading 0.13% lower against the USD from yesterday’s close.
Overnight data indicated that GfK consumer confidence unexpectedly dropped to a level of -10.00 in July, defying market expectations for a steady reading. In the prior month, the consumer confidence had registered a reading of -9.0. Additionally, the nation’s Lloyds business barometer in the UK remained steady at a level of 29.0 in July.
The pair is expected to find support at 1.3094, and a fall through could take it to the next support level of 1.3069. The pair is expected to find its first resistance at 1.3148, and a rise through could take it to the next resistance level of 1.3177.
In absence of key economic releases in the UK today, traders would keep an eye on global macroeconomic factors for further direction.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
