GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.64% against the USD and closed at 1.4171.
In economic news, UK’s Markit services PMI dropped to nearly a three-year low of of 52.7 in February, thus darkening the nation’s growth picture, and compared to market expectations for a decline to a level of 55.1. In the prior month, the index had registered a level of 55.6. Moreover, the nation’s seasonally adjusted Nationwide house price index rose less-than-anticipated by 0.3% MoM in February, compared to market expectations for a gain of 0.5%. Also, the nation’s Halifax house price index unexpectedly fell by 1.4% MoM in February, following a gain of 1.7% in the previous month and compared to market expectations for it to remain flat.
In the Asian session, at GMT0400, the pair is trading at 1.4158, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.4061, and a fall through could take it to the next support level of 1.3964. The pair is expected to find its first resistance at 1.4225, and a rise through could take it to the next resistance level of 1.4292.
Looking ahead, market participants await the release of UK’s consumer inflation expectations data, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
