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  • Adam Lee replied to a discussion, Cozgroup Daily Discussion
    COZFX: Pound extends its losses in the morning session

    COZforex: For the past trading session, the GBP declined 0.43% against the USD and closed at 1.2427, after Luxembourg Prime Minister,...
    COZFX: Pound extends its losses in the morning session

    COZforex: For the past trading session, the GBP declined 0.43% against the USD and closed at 1.2427, after Luxembourg Prime Minister, Xavier Bettel, stated that he would only delay the Brexit deadline if it serves a purpose.

    In the Asian session (at GMT0300), the pair is trading at 1.2414, with the GBP trading 0.10% lower against the USD from yesterday’s close.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2381 and a fall through could take it to the next support level of 1.2349; Meanwhile, the pair is expected to find its first resistance at 1.2464, and a rise through could take it to the next resistance level of 1.2515.

    With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

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


    (COZ forex UK)
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