GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.67% against the USD and closed at 1.3930, amid fears that Britain might vote to leave the European Union in a June referendum.
In economic news, UK’s BBA mortgage approvals advanced to a level of 47.5K in January, its highest in almost two-years and beating market expectations for a rise to a level of 44.8K. It had recorded a revised reading of 43.66 K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3937, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3871, and a fall through could take it to the next support level of 1.3805. The pair is expected to find its first resistance at 1.4011, and a rise through could take it to the next resistance level of 1.4085.
Moving ahead, market participants will look forward to UK’s preliminary Q4 GDP data, set for release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
