GBP/USD: British Pound trading lower in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 5.82% against the USD and closed at 1.2270.

In the Asian session, at GMT0400, the pair is trading at 1.2261, with the GBP trading 0.07% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2184, and a fall through could take it to the next support level of 1.2107. The pair is expected to find its first resistance at 1.2356, and a rise through could take it to the next resistance level of 1.2451.

Looking ahead, investors would keep a watch on Britain’s ILO unemployment rate and average earning including bonus, both for January, slated to release in a few hours.

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

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