GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.30% against the USD and closed at 1.5536, as a positive rise in UK’s March mortgage approvals lifted investor sentiment.
UK’s mortgage approvals for house purchases in the UK rose to 53.5K in March, more than the expected rise to 52.7K in March. Meanwhile, net consumer credit increased by £0.50 billion in March, in line with market expectations. Moreover, UK’s M4 money supply dropped 0.9% in March, more than the 0.5% fall recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5531, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5476, and a fall through could take it to the next support level of 1.5422. The pair is expected to find its first resistance at 1.5577, and a rise through could take it to the next resistance level of 1.5624.
Later in the day, UK’s nationwide housing prices and Markit manufacturing PMI are scheduled for release. However, investors keenly await the outcome of the Federal Reserve’s policy meeting due today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
