GBP/USD: Pound trading marginally lower, ahead of Britain’s crucial inflation data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.3114, weighed by profound concerns over whether the British Prime Minister, Theresa May still has the political clout to govern the nation and deliver a good Brexit deal.

In the Asian session, at GMT0400, the pair is trading at 1.3113, with the GBP trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3072, and a fall through could take it to the next support level of 1.3030. The pair is expected to find its first resistance at 1.3145, and a rise through could take it to the next resistance level of 1.3176.

Going ahead, traders would direct their attention to UK’s consumer price index for October, slated to release in a few hours.

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

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