HomeContributorsFundamental AnalysisBritish Pound Reverses Its Gains In The Asian Session

British Pound Reverses Its Gains In The Asian Session

For the 24 hours to 23:00 GMT, the GBP rose 0.06% against the USD and closed at 1.2737,

In the Asian session, at GMT0300, the pair is trading at 1.2726, with the GBP trading 0.09% lower against the USD from yesterday’s close, amid renewed worries over no-deal Brexit.

The pair is expected to find support at 1.2665, and a fall through could take it to the next support level of 1.2605. The pair is expected to find its first resistance at 1.2765, and a rise through could take it to the next resistance level of 1.2805.

Going forward, traders would keep a watch on UK’s CBI industrial trends survey orders for July, slated to release in a few hours. Additionally, the GfK consumer confidence for July would keep investor on their toes.

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

 

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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