GBP/USD: British Pound reverses its gains in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.06% against the USD and closed at 1.2737,

In the Asian session, at GMT0300, the pair is trading at 1.2726, with the GBP trading 0.09% lower against the USD from yesterday’s close, amid renewed worries over no-deal Brexit.

The pair is expected to find support at 1.2665, and a fall through could take it to the next support level of 1.2605. The pair is expected to find its first resistance at 1.2765, and a rise through could take it to the next resistance level of 1.2805.

Going forward, traders would keep a watch on UK’s CBI industrial trends survey orders for July, slated to release in a few hours. Additionally, the GfK consumer confidence for July would keep investor on their toes.

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

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