GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.3137.
In economic news, data indicated that UK’s BBA mortgage approvals dropped less-than-expected to a level of 40.1K in June, compared to a revised reading of 41.8K in the previous month while markets expected it to ease to a level of 39.7K.
In the Asian session, at GMT0300, the pair is trading at 1.3118, with the GBP trading 0.14% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3057, and a fall through could take it to the next support level of 1.2996. The pair is expected to find its first resistance at 1.3177, and a rise through could take it to the next resistance level of 1.3236.
Investors would now focus on UK’s preliminary estimate of GDP data for Q2, due to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
