GBP/USD: UK’s consumer confidence jumped to a 10-month high in March


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.61% against the USD and closed at 1.4079.

In the Asian session, at GMT0300, the pair is trading at 1.4078, with the GBP trading slightly lower against the USD from yesterday’s close.

Overnight data revealed that Britain’s GfK consumer confidence index surprisingly climbed to a 10-month high level of -7.0 in March, as the latest Brexit developments and easing inflationary pressures boosted consumer morale. The index had registered a reading of -10.0 in the previous month, while markets had expected for an unchanged reading.

On the other hand, the nation’s Lloyds business barometer eased to 32.0 in March, after recording a reading of 33.0 in the previous month.

The pair is expected to find support at 1.4026, and a fall through could take it to the next support level of 1.3974. The pair is expected to find its first resistance at 1.4165, and a rise through could take it to the next resistance level of 1.4252.

Going ahead, traders would closely monitor UK’s final 4Q GDP numbers along with net consumer credit and mortgage approvals data, both for February, all scheduled to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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