GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.33% against the USD and closed at 1.2894.
On Friday, data showed that, UK’s BBA mortgage approvals surprisingly eased to a level of 39.6K in July, defying market consensus for a rise to a level of 40.6K. In the prior month, the BBA mortgage approvals had registered a revised level of 40.3K.
In the Asian session, at GMT0300, the pair is trading at 1.2876, with the GBP trading 0.14% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2836, and a fall through could take it to the next support level of 1.2797. The pair is expected to find its first resistance at 1.2908, and a rise through could take it to the next resistance level of 1.2941.
Trading trend in the Sterling today is expected to be determined by UK’s Nationwide house price index for August, due to be released in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
