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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 5.31% against the USD and closed at 1.2336, amid lack of clarity over British Prime Minister, Boris Johnson’s plan to ease the nationwide lockdown.

In the Asian session, at GMT0300, the pair is trading at 1.2316, with the GBP trading 0.16% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2253, and a fall through could take it to the next support level of 1.2191. The pair is expected to find its first resistance at 1.2408, and a rise through could take it to the next resistance level of 1.2501.

Looking ahead, investors would keep a close watch on UK’s BRC like-for-like retail sales for April, slated to release overnight.

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

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