GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.2288.
In economic news, UK’s final gross domestic product (GDP) dropped 0.2% on a quarterly basis in 2Q 2019, confirming the preliminary print. In the previous quarter, GDP had recorded a revised advance of 0.6%. Further, the nation’s BBA mortgage approvals for house purchases eased to a level of 65.55K in August, compared to a revised reading of 67.01K in the prior month. Additionally, net consumer credit decreased to £0.9 billion in August, in line with market consensus and compared to a revised reading of £1.01 billion in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2282, with the GBP trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2257, and a fall through could take it to the next support level of 1.2231. The pair is expected to find its first resistance at 1.2327, and a rise through could take it to the next resistance level of 1.2371.
Moving ahead, investors would keep an eye on UK’s Nationwide house price index and the Markit manufacturing PMI for September, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
