GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 4.94% against the USD and closed at 1.2385.
On the data front, UK’s RICS housing price balance eased to 11.0% in March, compared to a level of 29.0% in the prior month. Market participants were expecting the index to record a reading of 14.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2391, with the GBP trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2313, and a fall through could take it to the next support level of 1.2234. The pair is expected to find its first resistance at 1.2445, and a rise through could take it to the next resistance level of 1.2498.
Moving forward, traders would keep a watch on UK’s trade balance, manufacturing production, industrial production and gross domestic product (GDP), all for February, along with the NIESR GDP estimate, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
