GBP/USD: Sterling reverses its losses in the morning session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.36% against the USD and closed at 1.3247, after Britain’s parliamentary speaker, John Berkow, ruled out a third vote on Prime Minister Theresa May’s Brexit deal.

In the Asian session, at GMT0400, the pair is trading at 1.3277, with the GBP trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3208, and a fall through could take it to the next support level of 1.3139. The pair is expected to find its first resistance at 1.3323, and a rise through could take it to the next resistance level of 1.3369.

Looking forward, investor would closely monitor UK’s average weekly earnings and the ILO unemployment rate, both for January, scheduled to release in a few hours.

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

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