GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.58% against the USD and closed at 1.6029, as demand for riskier currencies improved after Greece indicated that the International Monetary Fund had relaxed its debt-cutting target for the country, suggesting that lenders were closer to a deal for a vital aid tranche to be paid.
In the UK, the British Bankers’ Association reported that mortgage approvals rose to a seasonally adjusted 33,039 approvals in October, compared to 31,544 approvals in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6022, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.5949, and a fall through could take it to the next support level of 1.5876. The pair is expected to find its first resistance at 1.6073, and a rise through could take it to the next resistance level of 1.6124.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
