GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.28% against the USD and closed at 1.5789.
In the UK, consumer credit, excluding student loans, unexpectedly declined by £0.2 billion in July, following a revised £0.1 billion gain in the previous month. Separately, on an annual basis, M4 money supply declined 4.6% in July, following a 5.2% fall in June. Additionally, mortgage approvals for house purchases rose to 47,312 in July, from a revised 44,124 approvals in June.
In the Asian session, at GMT0300, the pair is trading at 1.5794, with the GBP trading marginally higher from yesterday’s close.
This morning, the GfK index of consumer confidence in the UK remained unchanged at -29 in August, however came in below the expectation of -27.
The pair is expected to find support at 1.5752, and a fall through could take it to the next support level of 1.5709. The pair is expected to find its first resistance at 1.5856, and a rise through could take it to the next resistance level of 1.5917.
In the day ahead, investors are eying Nationwide house prices data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
