GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.46% against the USD and closed at 1.5165.
However, mortgage approvals in the UK declined unexpectedly to 32,288 approvals in January, from a revised 33,440 approvals in the previous month. Market had expected a rise to 34,000.
In the Asian session, at GMT0400, the pair is trading at 1.5198, with the GBP trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1.5115, and a fall through could take it to the next support level of 1.5033. The pair is expected to find its first resistance at 1.5250, and a rise through could take it to the next resistance level of 1.5303.
The UK session is full of action today, ahead of Bank of England Governor, Mervyn King speech, followed by inflation report hearings and Monetary Policy Committee (MPC) member Charlie Bean speech. Also UK CBI distributive trades survey would release realized sales data for February.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
