Topic: COZfx: British Pound extends its gains this morning
COZforex: For the past trading session, GBP rise 0.12% against the USD and closed at 1.6349.
The British Pound found support yesterday, after the Bank of England Deputy Governor, Andrew Bailey stated that the central bank would intervene and take necessary actions to prevent prices from rising too quickly in the UK housing market. However, gains in the British Pound were limited after data from the US indicated that consumer spending in the nation rose at its fastest pace since June, helping the US Dollar to recover its earlier losses.
In the Asian session, the currency pair is trading at 1.6351, with the GBP trading marginally higher from yesterday’s close.
In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, GBP/USD is predicted to find support at 1.6328, and a drop through could take it to the next support level of 1.6304. Meanwhile, the pair is predicted to find its first resistance at 1.6376, and a rise through could take it to the next resistance line of 1.6400.
With little on the macro front in the UK later in the week, investors will keep a tab on macro releases from the US for further direction to the pair in the coming sessions.
(COZ forex UK)