GBP/USD: British Pound reverses its gains in the morning session

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 1.01% against the USD and closed at 1.2253, after German Chancellor, Angela Merkel, highlighted the possibility of a negotiated departure of Britain from the European Union.

In the Asian session, at GMT0300, the pair is trading at 1.2239, with the GBP trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2141, and a fall through could take it to the next support level of 1.2043. The pair is expected to find its first resistance at 1.2305, and a rise through could take it to the next resistance level of 1.2371.

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.