GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.38% against the USD and closed at 1.3262.
Data indicated that UK’s Nationwide house price index unexpectedly retreated 0.1% on a monthly basis in February, defying market expectations for an unchanged reading. The index had recorded a revised rise of 0.2% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3258, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3234, and a fall through could take it to the next support level of 1.3211. The pair is expected to find its first resistance at 1.3300, and a rise through could take it to the next resistance level of 1.3343.
Looking forward, traders would keep an on UK’s mortgage approvals and consumer credit data, both for January and the Markit manufacturing PMI for February, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
