By GCI Forex Research
For the 24 hours to 23:00 GMT, GBP rose 0.54% against the USD and closed at 1.6308.
In the US, National Association of Realtors reported that the existing home sales in the US contracted by 9.6% (M-o-M) in February compared to 3.4% growth in January.
The pair opened the Asian session at 1.6308, and is trading at 1.6301 at 4.00GMT. The pair is trading 0.04% lower from the New York session close.
The pair has its first short term resistance at 1.6353, followed by the next resistance at 1.6404. The first support is at 1.6225, with the subsequent support at 1.6148.
With a series of UK economic releases today, including Consumer and Retail Price Index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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