GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.14% against the USD and closed at 1.2167 on Friday, as UK’s lawmakers prepare to retaliation Prime Minister Boris Johnson’s decision of suspending Parliament for a month.
On the macro front, UK’s net consumer credit rose by £0.9 billion in July, less than market expectations for an increase of £1.0 billion. Net consumer credit had recorded a revised rise of £1.1 billion in the prior month. Moreover, Britain’s seasonally adjusted Nationwide house price index advanced 0.6% on a yearly basis in the UK, less than market expectations for an advance of 0.7%. In the previous month, Nationwide house prices had recorded a rise of 0.3%. Meanwhile, the nation’s mortgage approvals for house purchases unexpectedly advanced to a 2-year high level of 67.3K in July, defying market expectations for a fall to a level of 66.1K. In the previous month, the mortgage approvals had recorded a revised reading of 66.5K.
In the Asian session, at GMT0300, the pair is trading at 1.2155, with the GBP trading 0.10% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2122, and a fall through could take it to the next support level of 1.2088. The pair is expected to find its first resistance at 1.2207, and a rise through could take it to the next resistance level of 1.2258.
Trading trend in the Sterling today, is expected to be determined by UK’s Markit manufacturing PMI for August, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
