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


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.2994.

In the Asian session, at GMT0300, the pair is trading at 1.2987, with the GBP trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2943, and a fall through could take it to the next support level of 1.2898. The pair is expected to find its first resistance at 1.3042, and a rise through could take it to the next resistance level of 1.3096.

Moving ahead, traders will keep a close watch on UK’s inflation report hearings, due 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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