GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 1.80% against the USD and closed at 1.2794 on Friday.
On the macro front, UK’s Nationwide house prices climbed 2.3% on an annual basis in February, hitting its highest level since July 2018 and compared to a rise of 1.9% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2828, with the GBP trading 0.27% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2729, and a fall through could take it to the next support level of 1.2631. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.3019.
Going ahead, traders would focus on UK’s Markit manufacturing PMI for February, followed by mortgage approvals and net consumer credit, both for January, due to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
