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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.57% against the USD and closed at 1.2954.

Bank of England Governor, Mark Carney, in his speech, stated that central bank’s monetary policy committee (MPC) is assessing the economic impact and considering the policy implications of various possible scenario. He also hinted that a rate cut would be considered to contain the economic impact of the coronavirus outbreak.

In the Asian session, at GMT0400, the pair is trading at 1.2963, with the GBP trading 0.07% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2897, and a fall through could take it to the next support level of 1.2831. The pair is expected to find its first resistance at 1.2999, and a rise through could take it to the next resistance level of 1.3035.

Trading trend in the pair today is expected to be determined by UK’s Halifax house price index for February, slated to release in a few hours.

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

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