GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.24% against the USD and closed at 1.2800.
On the data front, the UK’s net consumer credit rose to a level of £0.8 billion in September, compared to an advance of £1.1 billion in the prior month. Market participants had anticipated net consumer credit to climb £1.2 billion. On the other hand, Britain’s mortgage approvals eased to a level of 65.3K in September, compared to a revised reading of 66.1K in the prior month. Markets had envisaged the mortgage approvals to fall to a level of 64.7K.
In the Asian session, at GMT0400, the pair is trading at 1.2809, with the GBP trading 0.07% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2783, and a fall through could take it to the next support level of 1.2757. The pair is expected to find its first resistance at 1.2844, and a rise through could take it to the next resistance level of 1.2879.
Amid lack of major macroeconomic news in the UK today, investors would focus on global macroeconomic factors for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
