GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.52% against the USD and closed at 1.2285, amid continuous efforts by opposition political parties to avoid a ‘no-deal’ Brexit on 31 October.
Data indicated that UK’s BBA mortgage approvals advanced to a level of 43.3K in July, hitting its highest level in 2.5 years and surpassing market expectations for a rise to a level of 42.9K. In the prior month, the mortgage approvals had recorded a revised level of 42.8K.
In the Asian session, at GMT0300, the pair is trading at 1.2273, with the GBP trading 0.10% lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC shop price index fell 0.4% on an annual basis in August, falling at its quickest pace since June 2018 and following a drop of 0.1% in the previous month.
The pair is expected to find support at 1.2218, and a fall through could take it to the next support level of 1.2163. The pair is expected to find its first resistance at 1.2319, and a rise through could take it to the next resistance level of 1.2365.
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.
