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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 6.13% against the USD and closed at 1.2229, amid growing concerns over coronavirus-led economic fallout and uncertainties related to the Brexit deal.

In the Asian session, at GMT0300, the pair is trading at 1.2206, with the GBP trading 0.19% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2168, and a fall through could take it to the next support level of 1.2131. The pair is expected to find its first resistance at 1.2241, and a rise through could take it to the next resistance level of 1.2277.

With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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