Home Forex Pound reverses losses in early trading

Pound reverses losses in early trading

by Paul
Pound

GBP trades marginally higher against the USD from yesterday

The GBP declined 0.53% against the USD and closed at 1.3017 yesterday. The seasonally adjusted house prices in the UK climbed to a 14-month high of 0.5% on a month-over-month basis in January, compared to 0.1% in the previous month. Markets were expecting house prices to climb 0.3%.

In the Asian session, the GBP/USD pair was trading at 1.3018 at GMT0400, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2996, and a fall through could take it to the next support level of 1.2975. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3049.

Apart from this, traders would keep a close watch on the Bank of England’s (BoE) interest rate decision and quarterly inflation report. The release of the BoE monetary policy summary will also provide further direction to markets.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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