Pound Trading On A Stronger Footing This Morning
GCI Financial | Oct 30, 2014 01:49AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.75% against the USD and closed at 1.6013, after the UK mortgage approvals dropped more than expected to 61.3 K, marking its lowest level since July 2013 and compared to market expectations of a drop to a level of 62.0 K. It had risen 64.1 K in the previous month.
In other economic news, net lending to individuals advanced by £2.7 billion, compared to a rise of £3.2 billion in the prior month, and lower than market expectations to climb by £2.8 billion. Meanwhile, Britain’s net consumer credit rose £0.9 billion in September, exceeding market expectations for an advance of £0.8 billion.
In the Asian session, at GMT0400, the pair is trading at 1.5981, with the GBP trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1.5910, and a fall through could take it to the next support level of 1.5840. The pair is expected to find its first resistance at 1.6107, and a rise through could take it to the next resistance level of 1.6234.
Amid a light economic calendar from the UK today, investor sentiments would be governed by global macroeconomic news.
The currency pair is trading below 20 Hr and 50 Hr moving averages.
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