GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.49% against the USD and closed at 1.4666.
On Friday, data showed that UK’s mortgage approvals unexpectedly declined to a four-month low level of 71.4K in March, weighed by concerns of the impending European Union membership referendum. Investors had expected a rise to a level of 74.4K, following a revised reading of 73.2K in the previous month. On the other hand, the nation’s net consumer credit rose more-than-expected by £1.9 billion in March, its strongest increase since March 2005, compared to a revised rise of £1.4 billion in the prior month. Market anticipation was for net consumer credit to advance by £1.3 billion.
In the Asian session, at GMT0300, the pair is trading at 1.4685, with the GBP trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.4626, and a fall through could take it to the next support level of 1.4567. The pair is expected to find its first resistance at 1.4720, and a rise through could take it to the next resistance level of 1.4756.
Going ahead, market participants will look forward to UK’s Markit manufacturing PMI data for April, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
