GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.33% against the USD and closed at 1.5340, after data revealed that mortgage approvals and net consumer credit in the UK rose less than expected in June. Moreover, the monthly house prices in the UK grew at a slower pace in July.
Meanwhile, the CBI distributive trades survey index rose to 17.0 in July from a reading of 1.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5325, with the GBP trading 0.10% lower from yesterday’s close.
Economic data slated today include BRC shop price index and Gfk consumer confidence index in the UK. However, most of the market attention will remain focus on the Bank of England (BoE) policy meeting scheduled on Thursday. Speculation rose that the central bank, under new Governor, Mark Carney, would lay out plans for giving “forward guidance” on monetary policy which could weigh on the Pound.
The pair is expected to find support at 1.5288, and a fall through could take it to the next support level of 1.5252. The pair is expected to find its first resistance at 1.5388, and a rise through could take it to the next resistance level of 1.5452.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
