Pound Trading Higher This Morning, Ahead Of Nationwide Housing Prices
GCI Financial | Aug 27, 2015 05:48AM ET
For the 24 hours to 23:00 GMT, the GBP declined 1.40% against the USD and closed at 1.5476, despite positive macroeconomic data from the UK.
July mortgage approvals in the UK rose to its highest level since February 2014 to 46.0K, highlighting strong demand in the housing sector of the country. Britain’s CBI distributive trade survey’s retail sales balance unexpectedly climbed to 24% in August, from 21% posted in July.
In the Asian session, at GMT0300, the pair is trading at 1.5496, with the GBP trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.5391, and a fall through could take it to the next support level of 1.5286. The pair is expected to find its first resistance at 1.5662, and a rise through could take it to the next resistance level of 1.5829.
Trading trends in the pair today are expected to be determined by nationwide housing prices
data, which is expected to rise 0.4% in August, similar to previous month. Separately, Britain’s Gfk consumer confidence data, which is expected to remain constant, would also be keenly awaited by the investors, due at mid-night.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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