GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.13% against the USD and closed at 1.6546.
In economic news, the mortgage approvals in the UK declined to two-month low in July, diminishing optimism over the health of the housing sector in the nation. The number of mortgages fell to 42,792 in July, from 43,180 in June. Analysts had expected the number of mortgages to rise to 44,065.
In the Asian session, at GMT0300, the pair is trading at 1.6553, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.6527, and a fall through could take it to the next support level of 1.6502. The pair is expected to find its first resistance at 1.6587, and a rise through could take it to the next resistance level of 1.6622.
Amid lack of economic releases from the UK today, trading trends in the pair today are expected to be determined by global events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
