GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.26% against the USD and closed at 1.2326.
In the Asian session, at GMT0300, the pair is trading at 1.2327, with the GBP trading a tad higher against the USD from yesterday’s close.
Overnight data showed that UK’s GfK consumer confidence index unexpectedly advanced to a level of -12.0 in September, defying market consensus for an unchanged reading. The index had registered a level of -14.0 in the previous month.
The pair is expected to find support at 1.2293, and a fall through could take it to the next support level of 1.2259. The pair is expected to find its first resistance at 1.2371, and a rise through could take it to the next resistance level of 1.2415.
Moving ahead, investors would closely monitor UK’s mortgage approvals, gross domestic product, manufacturing PMI and house price index, all slated to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
