GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.52% against the USD and closed at 1.2873.
On the data front, number of mortgage approvals for house purchases in the UK unexpectedly eased to a level of 64.6K in April, hitting its lowest level in seven months, highlighting a slowdown in the nation’s housing market. In the prior month, mortgage approvals had recorded a revised reading of 66.0K, while markets expected for a steady reading. Meanwhile, the nation’s net consumer credit advanced £1.5 billion in April, meeting market expectations. In the previous month, net consumer credit had risen £1.6 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2876, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2790, and a fall through could take it to the next support level of 1.2703. The pair is expected to find its first resistance at 1.2942, and a rise through could take it to the next resistance level of 1.3007.
Going ahead, traders would look forward to Britain’s Markit manufacturing PMI and Nationwide house prices, both for May, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
