For the 24 hours to 23:00 GMT, the GBP declined 0.24% against the USD and closed at 1.2486 on Friday, after UK’s BBA mortgage approvals registered an unexpected drop to a level 42.6K in February, hitting its lowest level since November 2016 and defying market expectations for a rise to a level of 44.9K. In the previous month, BBA mortgage approvals had recorded a revised reading of 44.1K.
In the Asian session, at GMT0300, the pair is trading at 1.2519, with the GBP trading 0.26% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2482, and a fall through could take it to the next support level of 1.2446. The pair is expected to find its first resistance at 1.2539, and a rise through could take it to the next resistance level of 1.2560.
With no economic releases in the UK today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.