GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.67% against the USD and closed at 1.4578.
In economic news, UK’s BBA mortgage approvals surprisingly declined to a level of 45.1K in March, its lowest level in three months, compared to market expectations of a rise to 46.5K and following a revised reading of 45.7K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.4582, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4498, and a fall through could take it to the next support level of 1.4414. The pair is expected to find its first resistance at 1.4653, and a rise through could take it to the next resistance level of 1.4725.
Going ahead, market participants will look forward to UK’s preliminary Q1 GDP data, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
