GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.19% against the USD and closed at 1.2935 on Friday.
Data indicated that UK’s consumer credit climbed to £1.3 billion in October, surpassing market forecast for a rise to £0.9 billion and compared to a revised level of £0.8 billion in the previous month. Meanwhile, the nation’s mortgage approvals dropped to a level of 64.6K in October, more than market consensus for a decline to a level of 65.5K and compared to a revised reading of £65.8K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2913, with the GBP trading 0.17% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2881, and a fall through could take it to the next support level of 1.2848. The pair is expected to find its first resistance at 1.2944, and a rise through could take it to the next resistance level of 1.2974.
Trading trend in the Pound today is expected to be determined by UK’s Markit manufacturing PMI for November, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
