GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.42% against the USD and closed at 1.7105.
In economic releases, the BoE reported that mortgage approvals in the UK economy fell for the fourth consecutive month to 61,707 in May, its lowest level since June 2013. However, consumer credit in Britain economy increased by £0.7 billion, while overall net lending to consumers amounted to £2.7 billion in May. The BoE also reported that M4 money supply in the nation fell 0.9% (YoY) in May, after easing 0.6% in April.
In the Asian session, at GMT0300, the pair is trading at 1.7106, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.7038, and a fall through could take it to the next support level of 1.6969. The pair is expected to find its first resistance at 1.7146, and a rise through could take it to the next resistance level of 1.7185.
During the later course of the day, traders would eye Markit PMI data for UK’s manufacturing data for June.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
