GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.04% against the USD and closed at 1.5507.
On the UK economic front, the British Banker’s Association (BBA) reported that the number of new mortgages approvals unexpectedly dropped to 26,269 in June, from a revised 29,567 in May. Market had expected the number of approvals to rise to 31,200 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5507, with the GBP trading flat lower from yesterday’s close.
The pair is expected to find support at 1.5479, and a fall through could take it to the next support level of 1.5450. The pair is expected to find its first resistance at 1.5544, and a rise through could take it to the next resistance level of 1.5580.
Markets would closely monitor today’s gross domestic product data in the UK, which is expected to show a contraction of 0.2% (QoQ) in the second quarter of 2012.
Investors also await CBI business optimism and MBA mortgage applications data in the UK, later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
