Sun, Oct 17, 2021 @ 03:17 GMT
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Pound Trading Higher In The Asian Session, Ahead Of UK’s Manufacturing PMI Data

For the 24 hours to 23:00 GMT, the GBP rose 0.11% against the USD and closed at 1.4050.

On Thursday, data showed that Britain’s final gross domestic product (GDP) advanced 0.4% on a quarterly basis in the final three months of 2017, confirming the flash print and following a similar rise in the prior quarter. Also, the nation’s net consumer credit grew £1.6 billion in February, after recording a revised rise of £1.3 billion in the previous month and beating market expectations for an advance of £1.4 billion.

Other data showed that the nation’s mortgage approvals eased to a level of 63.9K in February, more than market expectations for a fall to a level of 66.0K. In the prior month, mortgage approvals had registered a revised level of 67.1K. Further, the nation’s seasonally adjusted Nationwide house prices unexpectedly eased 0.2% MoM in March, confounding market consensus for a rise of 0.2%. House prices had registered a revised drop of 0.4% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.4058, with the GBP trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.403, and a fall through could take it to the next support level of 1.4002. The pair is expected to find its first resistance at 1.4082, and a rise through could take it to the next resistance level of 1.4106.

Moving ahead, market participants would focus on UK’s Markit manufacturing PMI for March, set to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GCI Financial
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