GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded marginally lower against the USD and closed at 1.5606.
On the macro front, number of homebuyer mortgages approvals advanced more than expected to 66.6K in June, after dipping to a revised level of 64.8K in May from a 14-month high of 68.1 K in April, thus showing that the UK housing market is regaining momentum.
Other economic data indicated that net consumer credit registered a rise of £1.2 billion in June, beating market expectations for a rise of £1.1 billion. It had risen by a revised £1.1 billion in the previous month. UK’s CBI distributive trade survey’s retail sales balance fell unexpectedly to 21.00% in July, compared to a reading of 29.00% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.5607, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5566, and a fall through could take it to the next support level of 1.5525. The pair is expected to find its first resistance at 1.567, and a rise through could take it to the next resistance level of 1.5733.
Moving ahead, Britain’s GfK consumer confidence index data, scheduled in the late hours today would be keenly watched by market participants.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
