GBP/USD: UK’s GfK consumer confidence deteriorated in February


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.39% against the USD and closed at 1.3910.

In the Asian session, at GMT0400, the pair is trading at 1.3901, with the GBP trading 0.06% lower against the USD from yesterday’s close, after overnight data revealed that Britain’s GfK consumer confidence index declined to a level of -10.0 in February, at par with market expectations, amid concerns over Brexit uncertainty. In the previous month, the index had registered a level of -9.0.

Also, the nation’s Lloyds business barometer eased to a level of 33.0 in February, compared to a reading of 35.0 in the prior month.

The pair is expected to find support at 1.3840, and a fall through could take it to the next support level of 1.3780. The pair is expected to find its first resistance at 1.3979, and a rise through could take it to the next resistance level of 1.4058.

With no further macroeconomic releases scheduled in UK today, investor sentiment would be determined by global macroeconomic events.

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

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