GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.23% against the USD and closed at 1.5610.
In the UK, the net lending to individuals rose by £1.0 billion in November, slightly above expectations of a rise of £0.9 billion. The M4 Money Supply decreased 0.6% (MoM) in November, following a 0.3% drop in October. The number of mortgages approved rose to 52,854 in November, compared to 52,786 in the previous month. Additionally, the construction Purchasing Managers’ Index (PMI) rose to 53.2 in December, compared to 52.3 in November.
In the Asian session, at GMT0400, the pair is trading at 1.5605, with the GBP trading 0.04% lower from yesterday’s close.
The pair is expected to find support at 1.5566, and a fall through could take it to the next support level of 1.5528. The pair is expected to find its first resistance at 1.5656, and a rise through could take it to the next resistance level of 1.5707.
Trading trends in the pair today are expected to be determined by release of services Purchasing Manager Index (PMI) and Halifax house price data in the UK.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
