GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.33% against the USD and closed at 1.5797, after the Federal Reserve announced it was sticking with loose monetary policies, including its $85 billion monthly bond-purchasing program.
In UK, M4 money supply declined 1.0% (YoY) in December, compared to a 2.8% drop recorded in the previous month. On a monthly basis, M4 money supply rose 0.7% in December, compared to a 0.2% drop in the previous month. Additionally, mortgage approvals for house purchases rose more-than-expected to 55,785 in December against the expectations for a rise to 54,500 and from 54,011 in November. Meanwhile, total lending to individuals increased £1.7 billion in December, compared to a £0.1 billion decline registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5803, with the GBP trading marginally higher from yesterday’s close.
This morning in the UK, the GfK consumer confidence index rose to a reading of -26.0 in January, compared to a reading of -29.0 reported in December.
The pair is expected to find support at 1.5746, and a fall through could take it to the next support level of 1.5690. The pair is expected to find its first resistance at 1.5838, and a rise through could take it to the next resistance level of 1.5874.
In the UK, the nationwide housing prices data, due today, is likely to impact trading in the currency pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
