GBP/USD: British Pound extends its losses in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 6.38% against the USD and closed at 1.2197.

In the Asian session, at GMT0300, the pair is trading at 1.2190, with the GBP trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2112, and a fall through could take it to the next support level of 1.2035. The pair is expected to find its first resistance at 1.2247, and a rise through could take it to the next resistance level of 1.2305.

Moving forward, traders would keep a watch on UK’s ILO unemployment rate and average earnings including bonus, both for March, slated to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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