GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.35% against the USD and closed at 1.2481.
In economic news, UK’s BBA mortgage approvals advanced to a level of 42.65K in June, undershooting market expectations for a rise to a level of 42.70K. The mortgage approvals had recorded a revised reading of 42.41K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2479, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2430, and a fall through could take it to the next support level of 1.2381. The pair is expected to find its first resistance at 1.2525, and a rise through could take it to the next resistance level of 1.2571.
Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
