GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.4906.
In the Asian session, at GMT0400, the pair is trading at 1.4895, with the GBP trading marginally lower from yesterday’s close.
In the morning releases, the Royal Institution of Chartered Surveyors (RICS) reported that the seasonally adjusted house price balance in the UK dropped to a reading of -6.0 in February, compared to a reading of -4.0 reported in the previous month.
The pair is expected to find support at 1.4859, and a fall through could take it to the next support level of 1.4822. The pair is expected to find its first resistance at 1.4938, and a rise through could take it to the next resistance level of 1.4980.
Meanwhile, with the recent manufacturing PMI on a softer side, industrial and manufacturing production data for January due today would be closely monitored by investors. Additionally, the NIESR GDP forecast would be closely watched to gauge whether the UK economy could escape a triple-dip recession. Trade balance data scheduled today also remains a key event on trader’s radar in order to ascertain the impact of the recent weakness in Sterling.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
