Pound Reverses Previous Session Losses

Pound Reverses Previous Session Losses

For the 24 hours to 23:00 GMT, GBP fell 0.14% against the USD and closed at 1.5978.

In the Asian session, at GMT0400, the pair is trading at 1.5983, with the GBP trading marginally higher from yesterday’s close.

In a noteworthy development, the Prime Minister, David Cameron, has postponed his key speech about Britain and the EU, citing the hostage crisis in Algeria. The long-awaited address, scheduled today in the Netherlands, was expected to outline how David Cameron thinks Britain’s relationship with the EU should change – a move that many fear could backfire and leave Britain increasingly isolated in Europe.

The pair is expected to find support at 1.5945, and a fall through could take it to the next support level of 1.5907. The pair is expected to find its first resistance at 1.6031, and a rise through could take it to the next resistance level of 1.6079.

Trading trends in the pair today are expected to be determined by the release of retail sales data in the UK.