GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.81% against the USD and closed at 1.3218.
Yesterday, Britain’s Finance Minister, George Osborne, tried to calm frayed nerves following last week’s “Brexit” referendum. He stated that the British economy was strong enough to cope with the ongoing market turmoil and that robust contingency plans were in place to deal with the immediate aftermath of the referendum. He also added that the nation would not initiate the formalities of leaving the European Union until a new Prime Minister is in office.
In the Asian session, at GMT0300, the pair is trading at 1.3319, with the GBP trading 0.76% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3134, and a fall through could take it to the next support level of 1.2948. The pair is expected to find its first resistance at 1.3489, and a rise through could take it to the next resistance level of 1.3658.
Moving ahead, market participants will look forward to UK’s consumer credit, mortgage approvals and the GfK consumer confidence data, which are scheduled to release tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
