GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.11% against the USD and closed at 1.5731.
On the macro front, number of mortgage approvals in the UK for house purchases eased unexpectedly to a level of 64.40 K in May, lower than market expectations of an advance to a level of 68.80 K, compared to prior month’s revised level of 67.60. Additionally, net consumer credit climbed less than expected by £1.00 billion in May. In the previous month, net consumer credit had risen £1.20 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5725, with the GBP trading marginally lower from yesterday’s close.
Overnight data showed that Britain’s Gfk consumer confidence rose to 7.00, in June, compared to market expectations of a rise to a level of 2.00. In the prior month, the index had registered a level of 1.00.
The pair is expected to find support at 1.5675, and a fall through could take it to the next support level of 1.5626. The pair is expected to find its first resistance at 1.5781, and a rise through could take it to the next resistance level of 1.5838.
Meanwhile, the final print of Britain’s Q1 GDP data would keep market participants on their toes, which is slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
