GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.14% against the USD and closed at 1.3915.
On the data front, Britain’s BBA mortgage approvals dropped to a level of 37.56K in March, compared to a revised reading of 38.03K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3925, with the GBP trading 0.07% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3881, and a fall through could take it to the next support level of 1.3836. The pair is expected to find its first resistance at 1.3984, and a rise through could take it to the next resistance level of 1.4042.
Trading trend in the Pound today is expected to be determined by the release of UK’s flash 1Q GDP figures, due to release in a few hours. Moreover, a speech by the BoE Governor, Mark Carney, will be closely monitored by market participants.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
