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

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 3.47% against the USD and closed at 1.2576.

In the Asian session, at GMT0400, the pair is trading at 1.2556, with the GBP trading 0.16% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2421, and a fall through could take it to the next support level of 1.2287. The pair is expected to find its first resistance at 1.2760, and a rise through could take it to the next resistance level of 1.2965.

Looking ahead, investors would keep a close watch on the Bank of England’s meeting minutes, slated to release later today.

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

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