GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.49% against the USD and closed at 1.4233.
Macroeconomic data revealed that UK’s BBA mortgage approvals eased more-than-anticipated to a level of 38.1K in February, compared to market expectations for a fall to a level of 39.0K. BBA mortgage approvals had recorded a revised reading of 40.0K in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4229, with the GBP trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.4172, and a fall through could take it to the next support level of 1.4116. The pair is expected to find its first resistance at 1.4265, and a rise through could take it to the next resistance level of 1.4302.
With no macroeconomic releases in Britain today, investors would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
