GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally rose against the USD and closed at 1.3901.
On the macro front, Britain’s Halifax house price index rebounded 0.4% on a monthly basis in February, at par with market expectations and rising for the first time in 3 months, highlighting that the nation’s housing market may be regaining momentum. In the prior month, the index had registered a revised drop of 0.5%.
In the Asian session, at GMT0400, the pair is trading at 1.3907, with the GBP trading slightly higher against the USD from yesterday’s close.
Overnight data indicated that the nation’s RICS house price balance unexpectedly fell to a level of 0.0 in February, whereas market participants had anticipated it to remain steady at 7.0.
The pair is expected to find support at 1.3865, and a fall through could take it to the next support level of 1.3822. The pair is expected to find its first resistance at 1.3931, and a rise through could take it to the next resistance level of 1.3954.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
