GBP/USD: British Pound trading on a negative footing this morning


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.32% against the USD and closed at 1.2078.

In the Asian session, at GMT0300, the pair is trading at 1.2068, with the GBP trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2029, and a fall through could take it to the next support level of 1.1990. The pair is expected to find its first resistance at 1.2107, and a rise through could take it to the next resistance level of 1.2146.

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

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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