Movement of Major Currencies and their Support and Resistance Levels

The British Pound declined versus the US dollar on Tuesday on lower than expected UK’s Gross Domestic Product growth figure. The lower than expected UK’s GDP figure creating much uncertainty among the investors. The pair GBP/USD declined 1.09 percent to 1.5814 on Tuesday. The pair is likely to experience support at 1.5725 while could find resistance at 1.6018 which also happens to be Tuesday’s high.

The British Pound also declined versus the Euro and the Yen as the EUR/GBP gained 1.37 percent to reach 0.8647 whereas the pair GBP/JPY declined 1.45 percent to 130.02 on Tuesday.

The Australian dollar reported the fall of 0.44 percent to 0.9930 versus the US dollar on Tuesday. The pair AUD/USD can find support at 0.9833 and is likely to find resistance at 1.0022. The pair EUR/AUD advanced 0.44 percent to reach 1.3736 whereas the pair AUD/JPY declined 0.85 percent to 81.61.

The Euro on the other hand remained strong and jumped up 0.33 percent to 1.3683 versus the greenback on Tuesday. The pair is EUR/USD is expected to find support as 1.3397 and is likely to find resistance at 1.3687. The Euro also remained strong versus the British Pound as the pair EUR/GBP surged 1.40 percent to 0.8650.

The US dollar declined versus the Japanese Yen on latest data of consumer confidence released by United States. The pair USD/JPY is expected to find support at 81.98 whereas its resistance level is expected around 83.13. The greenback also remained weak versus the single currency and declined 0.45 percent to 1.3699 during the American trading session whereas the pair GBP/USD declined 0.97 percent to 1.5832 on Tuesday’s North American trading session.

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Daily forex trading news written by Rehan from DailyForexTrade.com

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