GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.42% against the USD and closed at 1.2219, after UK’s BBA mortgage approvals unexpectedly dropped to a level of 40.7K in November, suggesting that the nation’s housing market may struggle in the next year. Markets expected it to rise to a level of 41.4K, after registering a revised level of 40.8K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2245, with the GBP trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2196, and a fall through could take it to the next support level of 1.2147. The pair is expected to find its first resistance at 1.2295, and a rise through could take it to the next resistance level of 1.2345.
Moving ahead, UK’s Nationwide house prices data for December, slated to release in a few hours, will be on investor’s radar.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
