GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.39% against the USD and closed at 1.5766.
Data released in the UK showed that the mortgage approvals climbed to 52,939 in December, compared to total approvals of 52,628 recorded in the previous month. Moreover, consumer credit declined £0.4 billion in December, compared to a £0.4 billion rise in November. Additionally, M4 money supply in the UK edged down 1.4% (MoM) in December, the biggest decline since 1982.
In the Asian session, at GMT0400, the pair is trading at 1.5757, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5723, and a fall through could take it to the next support level of 1.5689. The pair is expected to find its first resistance at 1.5794, and a rise through could take it to the next resistance level of 1.5831.
Trading trends in the pair today are expected to be determined by the release of nationwide house prices and manufacturing Purchasing Manager Index (PMI) in the UK.
The currency pair is converging with its 20 Hr and trading above its 50 Hr moving average.
