GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.51% against the USD and closed at 1.4055, as the uncertainty around the “Brexit” continues to keep the Pound under pressure.
On the economic front, UK’s Halifax house price index rebounded more-than-expected by 2.6% MoM in March, compared to market expectations for an advance of 0.9%. In the previous month, the index had recorded a revised drop of 1.5%.
In the Asian session, at GMT0300, the pair is trading at 1.4067, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.4023, and a fall through could take it to the next support level of 1.3979. The pair is expected to find its first resistance at 1.4135, and a rise through could take it to the next resistance level of 1.4202.
Moving ahead, market participants will look forward to the release of UK’s manufacturing production, industrial production and total trade balance data, all for the month of February, due in a few hours. Additionally, the nation’s NIESR GDP estimate for the March quarter, scheduled for release later today, will also attract investor attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
