GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.64% against the USD and closed at 1.6304.
In the UK, on a monthly basis, the money supply fell 0.1% in July, following a 0.4% drop recorded in the previous month. The mortgage approvals rose to 49,239 in July, compared to total mortgage approvals of 48,500 recorded in June.
Additionally, the GfK reported that its consumer confidence index declined to a reading of -31.0 in August, the lowest level since April 2011, and compared to a reading of -30.0 posted in July.
The pair opened the Asian session at 1.6304, and is trading at 1.6308 at 3.00GMT. GBP is trading flat versus USD from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6402, followed by the next resistance at 1.6495. The first support is at 1.6233, with the subsequent support at 1.6157.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
