GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.41% against the USD and closed at 1.2233, after UK’s mortgage approvals for house purchases advanced more-than-expected to a level of 62.9K in September, notching its highest level in three-months, compared to market expectations of a rise to a level of 61.5K and following a revised level of 61.0K in the previous month. Meanwhile, the nation’s net consumer credit rose less-than-anticipated by £1.4 billion in September, against investor consensus for it to rise to a level of £1.5 billion and compared to a rise of £1.6 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2229, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2164, and a fall through could take it to the next support level of 1.2098. The pair is expected to find its first resistance at 1.2272, and a rise through could take it to the next resistance level of 1.2314.
Moving ahead, investors would closely monitor UK’s Markit manufacturing PMI for October, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
