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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.78% against the USD and closed at 1.3055, amid news that the British government ruled out a meaningful vote scheduled today.

In the Asian session, at GMT0400, the pair is trading at 1.3070, with the GBP trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that the GfK consumer confidence remained unchanged at -13.00 in March.

The pair is expected to find support at 1.3004, and a fall through could take it to the next support level of 1.2937. The pair is expected to find its first resistance at 1.3168, and a rise through could take it to the next resistance level of 1.3265.

Moving ahead, traders would await UK’s Nationwide house price index for March, net consumer credit and mortgage approvals, both for February along with gross domestic product for the fourth quarter, 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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