GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.11% against the USD and closed at 1.3010.
Macroeconomic data showed that UK’s net consumer credit climbed £0.8 billion, rising at its slowest pace since November 2015 and compared to a revised advance of £1.5 billion in the prior month. Market participants had expected the net consumer credit to advance £1.5 billion. Meanwhile, the nation’s mortgage approvals eased to a level of 64.8K in July, overshooting market consensus for a fall to a level of 65.0K. Number of mortgage approvals had recorded a revised reading of 65.4K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3006, with the GBP trading a tad lower against the USD from yesterday’s close.
Overnight data indicated that UK’s Gfk consumer confidence unexpectedly jumped to a level of -7.0, defying market expectations for a steady reading. In the previous month, the consumer confidence had recorded a level of -10.0.
Separately, Lloyds business barometer eased 23.0% in August, amid escalating worries over smooth Brexit. In the prior month, the business barometer had recorded a reading of 29.0%.
The pair is expected to find support at 1.2980, and a fall through could take it to the next support level of 1.2953. The pair is expected to find its first resistance at 1.3038, and a rise through could take it to the next resistance level of 1.3069.
Looking ahead, traders will await UK’s Markit manufacturing and services PMI, construction PMI and the Halifax house price index, due to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
