HomeContributorsFundamental AnalysisPound Trading On A Stronger Footing This Morning

Pound Trading On A Stronger Footing This Morning

For the 24 hours to 23:00 GMT, the GBP rose 0.33% against the USD and closed at 1.3238, propelled by speculations that the UK government is ready to offer around £40.0 billion to the European Union as part of its ‘divorce bill’.

In the Asian session, at GMT0400, the pair is trading at 1.3248, with the GBP trading 0.08% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3200, and a fall through could take it to the next support level of 1.3153. The pair is expected to find its first resistance at 1.3287, and a rise through could take it to the next resistance level of 1.3327.

Going ahead, traders would closely monitor UK’s public sector net borrowing data for October, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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