Pound Extends Its Losses In The Asian Session
GCI Financial | Jan 29, 2015 01:47AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.28% against the USD and closed at 1.5145.
Yesterday, the BoE Governor, Mark Carney, in a press conference stated that the UK economy was expanding “solidly” and was showing signs that wage growth has picked up in the nation. Furthermore, he expressed concerns over the economic situation prevailing in the Euro-zone and urged the member nations to take necessary measures in order to prevent the single-currency bloc from falling into a debt trap.
In the Asian session, at GMT0400, the pair is trading at 1.5141, with the GBP trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.5107, and a fall through could take it to the next support level of 1.5073. The pair is expected to find its first resistance at 1.5198, and a rise through could take it to the next resistance level of 1.5255.
Trading trends in the Pound today are expected to be determined by Britain’s CBI reported sales, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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