GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.05% against the USD and closed at 1.2864.
In economic news, UK’s net consumer credit growth slowed to a 5-year low level of £0.83 billion in September, more than market expectations for a fall to £0.9 billion. In the previous month, net consumer credit had recorded a revised rise of £0.97 billion. On the other hand, Britain’s mortgage approvals for house purchases unexpectedly advanced to a level of 65.9K in September, defying market expectations for a fall to a level of 65.0K. Number of mortgage approvals for house purchases had recorded a revised reading of 65.7K in the prior month. Also, the Nationwide house price index climbed 0.2% on a monthly basis in October, following a decline of 0.2% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2862, with the GBP trading a tad lower against the USD from yesterday’s close.
Overnight data indicated that the BRC shop price index dropped 0.4% on a yearly basis in October. The index had recorded a drop of 0.6% in the previous month.
The pair is expected to find support at 1.2811, and a fall through could take it to the next support level of 1.2760. The pair is expected to find its first resistance at 1.2909, and a rise through could take it to the next resistance level of 1.2956.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
