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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.3056, after the IMF cut UK’s growth forecast to 1.2% this year and warned that a no-deal Brexit would push the economy into a two-year recession.

In the Asian session, at GMT0300, the pair is trading at 1.3052, with the GBP trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3015, and a fall through could take it to the next support level of 1.2977. The pair is expected to find its first resistance at 1.3106, and a rise through could take it to the next resistance level of 1.3159.

Looking forward, investors would closely monitor UK’s gross domestic product, trade balance data, industrial production and manufacturing production, all for February, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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