GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.41% against the USD and closed at 1.5178. The Pound recorded gains earlier after Cyprus secured a €10 billion bailout deal. However, market sentiment faded after the Eurogroup head, Jeroen Dijsselbloem stated that the rescue program agreed for Cyprus could repeat itself elsewhere in Europe.
Separately, UK’s British Banker’s Association (BBA) reported that the number of new mortgages approved in February declined to 30,506 approvals, compared to 31,983 approvals registered in the previous month, raising further questions about the efficacy of the Bank of England’s funding for lending scheme.
In the Asian session, at GMT0400, the pair is trading at 1.5182, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5133, and a fall through could take it to the next support level of 1.5084. The pair is expected to find its first resistance at 1.5241, and a rise through could take it to the next resistance level of 1.5300.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
