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.

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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.


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