GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.13% against the USD and closed at 1.3309, after UK’s total business investments sharply slowed in the three months to September.
Preliminary data indicated that total business investment rose less-than-expected by 0.2% QoQ in the third quarter of 2017, while markets had expected for a gain of 0.3%. Total business investment had recorded a rise of 0.5% in the previous quarter.
Meanwhile, second estimate of Britain’s gross domestic product (GDP) rose 0.4% in the third quarter of 2017, in line with the flash estimates and compared to a rise of 0.3% in the prior quarter.
In the Asian session, at GMT0400, the pair is trading at 1.3293, with the GBP trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3273, and a fall through could take it to the next support level of 1.3253. The pair is expected to find its first resistance at 1.3325, and a rise through could take it to the next resistance level of 1.3357.
Going ahead, UK’s BBA mortgage approvals data for October, due to release in a few hours, will be on investors’ radar.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
