For the 24 hours to 23:00 GMT, GBP rose 0.41% against the USD and closed at 1.5956.
On the economic front, mortgage approvals in the UK fell to 48,986 in February, from 57,899 in January, while consumer credit in the UK rose by £0.4 billion in February. Additionally, on a monthly basis, M4 money supply fell 1.9% in February, following a 1.5% rise in January. Separately, UK nationwide house prices fell 1.0% (MoM) in March, marking the first decline in six months, and compared to a 0.4% rise in February.
In the Asian session, at GMT0300, the pair is trading at 1.5973, with the GBP trading 0.11% higher from yesterday’s close. Data released this morning showed that consumer confidence index in the UK fell to -31.0 in March, from -29.0 in February.
The pair is expected to find support at 1.5893, and a fall through could take it to the next support level of 1.5813. The pair is expected to find its first resistance at 1.6020, and a rise through could take it to the next resistance level of 1.6067.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
