GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.2189 on Friday.
In the Asian session, at GMT0400, the pair is trading at 1.2184, with the GBP trading marginally lower against the USD from Friday’s close.
Overnight data indicated that UK’s Lloyd’s business barometer index climbed to a level of 37.0 in October, following a level of 24.0 in the preceding month.
The pair is expected to find support at 1.2126, and a fall through could take it to the next support level of 1.2068. The pair is expected to find its first resistance at 1.2228, and a rise through could take it to the next resistance level of 1.2272.
Going ahead, market participants would look forward to UK’s mortgage approvals for September, slated to release in a few hours.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
