Sterling Extends Its Losses In The Morning Session

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.18% against the USD and closed at 1.2871, amid ongoing fears over ‘no-deal’ Brexit.

In the Asian session, at GMT0300, the pair is trading at 1.2860, with the GBP trading 0.09% lower against the USD from yesterday’s close.

Overnight data showed that the BRC shop price index rebounded 0.1% on an annual basis in August, registering its first rise in over five years and compared to a fall of 0.3% in the previous month.

The pair is expected to find support at 1.2833, and a fall through could take it to the next support level of 1.2807. The pair is expected to find its first resistance at 1.2909, and a rise through could take it to the next resistance level of 1.2959.

With no macroeconomic releases in 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.

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