Pound Trading Higher Ahead Of UK’s Preliminary 4Q GDP Data
GCI Financial | Feb 26, 2015 01:17AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.52% against the USD and closed at 1.5530, after number of mortgage approvals in the UK climbed for January, bolstering hopes that recovery in the nation’s housing market was regaining pace.
Data showed that BBA mortgage approvals in the UK registered a rise to 36.39 K in January, compared to a revised reading of 35.82 K in the previous month. Markets were expecting it to advance to 36.00 K.
In the Asian session, at GMT0400, the pair is trading at 1.5548, with the GBP trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.5492, and a fall through could take it to the next support level of 1.5436. The pair is expected to find its first resistance at 1.5580, and a rise through could take it to the next resistance level of 1.5611.
Going forward, today’s revised UK GDP print will attract significant attention among traders, scheduled in a few hours and is expected to show that Britain’s economy grew in line with its prior estimates for the last quarter of 2014
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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