GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally fell against the USD and closed at 1.4377.
In economic news, UK’s Gfk consumer confidence index remained flat in March, its lowest reading in more than a year, over concerns that Britain might vote to leave the European Union. Investors had expected it to fall to a level of -1.0.
In the Asian session, at GMT0300, the pair is trading at 1.4337, with the GBP trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1.4293, and a fall through could take it to the next support level of 1.4249. The pair is expected to find its first resistance at 1.4420, and a rise through could take it to the next resistance level of 1.4504.
Going ahead, market participants will look forward to Britain’s final Q4 GDP, net consumer credit and mortgage approvals data, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
