GBP/USD: British Pound extends its gains in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.83% against the USD and closed at 1.3221.

In the Asian session, at GMT0300, the pair is trading at 1.3231, with the GBP trading 0.08% higher against the USD from yesterday’s close.

Overnight data showed that UK’s GfK consumer confidence index unexpectedly remained unchanged at -27.0 in August.

The pair is expected to find support at 1.3119, and a fall through could take it to the next support level of 1.3007. The pair is expected to find its first resistance at 1.3289, and a rise through could take it to the next resistance level of 1.3347.

Going ahead, traders would focus on UK’s Markit manufacturing and services PMIs and CBI industrial trends survey, all for August, due to release in a few hours. Also, investors would focus on public sector net borrowing and retail sales, both for July.

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

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.