GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.2450, after UK’s BBA mortgage approvals in the UK rose to a five-month high level of 40.9K in October, higher than market expectations of a rise to a level of 39.0K and following a revised reading of 38.7K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2451, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.2400, and a fall through could take it to the next support level of 1.2350. The pair is expected to find its first resistance at 1.2498, and a rise through could take it to the next resistance level of 1.2546.
Ahead in the day, investors would closely monitor the release of UK’s flash GDP for 3Q 2016, which will give a better insight of how the UK economy performed in the wake of the Brexit vote.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
