British Pound Trading Marginally Higher In The Asian Session

Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, the GBP declined 0.33% against the USD and closed at 1.3150, ahead of series of significant Brexit votes in the parliament.

In the Asian session, at GMT0400, the pair is trading at 1.3151, with the GBP trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3123, and a fall through could take it to the next support level of 1.3096. The pair is expected to find its first resistance at 1.3192, and a rise through could take it to the next resistance level of 1.3234.

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Going ahead, traders would closely monitor the UK’s BRC shop price index for January, set to release overnight.

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

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