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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 6.98% against the USD and closed at 1.2119 on Friday, after the British government reiterated its disagreement to extend the Brexit transition period this December and refused to compromise in trade negotiations with the European Union.

In the Asian session, at GMT0300, the pair is trading at 1.2109, with the GBP trading 0.08% lower against the USD from Friday’s close.

The pair is expected to find support at 1.2051, and a fall through could take it to the next support level of 1.1993. The pair is expected to find its first resistance at 1.2196, and a rise through could take it to the next resistance level of 1.2283.

Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.

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

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