GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.2474.
In the Asian session, at GMT0300, the pair is trading at 1.249, with the GBP trading 0.13% higher against the USD from yesterday’s close.
Overnight data showed that UK’s GfK consumer confidence index surprisingly remained steady at -6.0 in March. Markets were anticipating it to fall to a level of -7.0.
The pair is expected to find support at 1.2419, and a fall through could take it to the next support level of 1.2348. The pair is expected to find its first resistance at 1.2543, and a rise through could take it to the next resistance level of 1.2596.
Trading trend in the GBP is expected to be determined by the release of UK’s final fourth quarter GDP numbers, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
