GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.3969 on Friday, amid renewed hopes of a softer Brexit, following reports that the 11-member Brexit cabinet committee reached an agreement on a proposal for post-Brexit trade with the European Union.
In the Asian session, at GMT0400, the pair is trading at 1.3997, with the GBP trading 0.2% higher against the USD from Friday’s close.
The pair is expected to find support at 1.3932, and a fall through could take it to the next support level of 1.3866. The pair is expected to find its first resistance at 1.4036, and a rise through could take it to the next resistance level of 1.4074.
Going ahead, traders would look forward to UK’s BBA mortgage approvals data for January, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
