British Pound Trading Higher In The Morning Session

Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.2894.

The Bank of England Governor, Mark Carney warned that a no-deal Brexit would create an “economic shock”. Hence, he urged MPs to solve the Brexit standoff and warned of growing threats to the global economy. Further, he stated that Brexit could prove to be an “acid test” for how the global economy might perform under the new rules of trade. Moreover, he added that global trade uncertainty could undermine the global expansion.

In the Asian session, at GMT0400, the pair is trading at 1.2904, with the GBP trading 0.08% higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.2855, and a fall through could take it to the next support level of 1.2806. The pair is expected to find its first resistance at 1.2931, and a rise through could take it to the next resistance level of 1.2958.

Trading trend in the Sterling today is expected to be determined by UK’s consumer price index, producer price index, retail price index and house price index, all for January, scheduled to release in a few hours.

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

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