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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.22% against the USD and closed at 1.3058 yesterday. Meanwhile, British mortgage approvals advanced to a level of 46.82K in December, from a revised reading of 44.06K in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3057, with the GBP trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3030, and a fall through could take it to the next support level of 1.3002. The pair is expected to find its first resistance at 1.3095, and a rise through could take it to the next resistance level of 1.3132.

Moving ahead, investors would look forward to the release of the CBI distributive trades survey data, due in a few hours.

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

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.