Pound Fell On Global Growth Concerns, Trading Higher In The Asian Session

Pound Fell On Global Growth Concerns, Trading Higher In The Asian Session

For the 24 hours to 23:00 GMT, GBP fell 0.35% against the USD and closed at 1.6030, as investors opted for the safe haven greenback amid uncertainty over Spain and Greece as well as concerns over the outlook for global growth.

In the UK, money supply growth dropped 3.5% (YoY) in September, compared to a revised 4.0% decline posted in August. Meanwhile, total net lending to individuals rose to £1.7 billion in September, compared to a decline in August. Also, the number of final mortgage approvals rose to 50,024 in September, from a revised 47,921 in August, and above market expectations for a reading of 48,500.

In the Asian session, at GMT0400, the pair is trading at 1.6034, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.5998, and a fall through could take it to the next support level of 1.5962. The pair is expected to find its first resistance at 1.6079, and a rise through could take it to the next resistance level of 1.6123.