GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.55% against the USD and closed at 1.3231.
In economic news, data revealed that UK’s mortgage approvals for house purchases fell more-than-forecasted to a level of 64.8K in June, hitting its lowest level since May 2015, following a revised level of 66.7K in the prior month and compared to market expectation for a drop to a level of 65.5K. On the other hand, the nation’s net consumer credit climbed more-than-expected by £1.8 billion in June, up from a revised gain of £1.6 billion in the prior month and beating investor consensus for a rise by £1.4 billion.
In the Asian session, at GMT0300, the pair is trading at 1.3252, with the GBP trading 0.16% higher against the USD from Friday’s close.
The pair is expected to find support at 1.3167, and a fall through could take it to the next support level of 1.3083. The pair is expected to find its first resistance at 1.3318, and a rise through could take it to the next resistance level of 1.3385.
Going forward, UK’s final Markit manufacturing PMI data for July, slated to release in a few hours, will be on investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
