Pound view-Mar 31

GBP fell on the London open as March house prices declined by -0.6% worse then the expected -0.3%. Whilst GDP figures were in line with expectations, confirmed at 0.6% for the fourth quarter. Looking ahead BoE Governor King is scheduled to speak
Pound is expected to trade in the range of 1.9850-1.9996.With key support seen at 1.9840 and resistance for the same is seen at 2.000 .Currency is expected to give a downward corrections for the day which is confirmed as it is seen trading below the fast and slow moving averages. Relative Market Strength index and stochastic are also indicating towards the probability of market correction for the day.