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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.46% against the USD and closed at 1.2461.

In the Asian session, at GMT0300, the pair is trading at 1.2454, with the GBP trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2424, and a fall through could take it to the next support level of 1.2395. The pair is expected to find its first resistance at 1.2499, and a rise through could take it to the next resistance level of 1.2545.

Trading trend in the Sterling today, is expected to be determined by UK’s gross domestic product, industrial production, manufacturing production, construction output and trade balance data, all for May, scheduled to release in a few hours.

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

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