GBP/USD: Sterling trading higher in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.10% against the USD and closed at 1.3065.

In the Asian session, at GMT0400, the pair is trading at 1.3118, with the GBP trading 0.41% higher against the USD from yesterday’s close, amid reports that the Northern Irish Democratic Unionist Party has decided to privately agree to back UK Prime Minister, Theresa May’s ‘Plan B’ Brexit deal.

The pair is expected to find support at 1.3044, and a fall through could take it to the next support level of 1.2969. The pair is expected to find its first resistance at 1.3161, and a rise through could take it to the next resistance level of 1.3203.

Trading trend in the Pound today is expected to be determined by UK’s BBA loans for house purchases for December, slated to release in a few hours. Also, positive news flow emanating from the Brexit front will push the cable higher.

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

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