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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.07% against the USD and closed at 1.3100, after Britain’s Foreign Secretary Jeremy Hunt made positive comments on Brexit negotiations.

In the Asian session, at GMT0300, the pair is trading at 1.3087, with the GBP trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3071, and a fall through could take it to the next support level of 1.3055. The pair is expected to find its first resistance at 1.3111, and a rise through could take it to the next resistance level of 1.3135.

Looking ahead, traders would closely monitor UK’s average weekly earnings and the ILO unemployment rate, both for February, slated to release in a few hours.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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