GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.06% against the USD and closed at 1.6243.
In economic news, net consumer credit in the UK advanced by £0.9 billion in August, more than market expectations of £0.8 billion. It had risen by £1.1 billion in the previous month. Meanwhile, the number of mortgage approvals for house purchases in Britain dropped to 64.2K in August, lower than market expectations of a fall to a level of 65.0K and compared to a revised reading of 66.1K registered in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.6254, with the GBP trading 0.07% higher from yesterday’s close.
Overnight data indicated that, the Gfk consumer confidence in the UK eased to -1.0 in September, compared to a level of 1.0 in August. Markets were expecting it to fall to 0.0.
The pair is expected to find support at 1.622, and a fall through could take it to the next support level of 1.6187. The pair is expected to find its first resistance at 1.6281, and a rise through could take it to the next resistance level of 1.6309.
Trading trends in the Pound today would be determined by Britain’s crucial GDP figures.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
