Home Analysis British pound gained some ground as US dollar weakens

British pound gained some ground as US dollar weakens

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British pound gained some ground as US dollar weakens - forexspacex.com

The U.S. dollar edged lower on Wednesday morning in the Asian session as investors are waiting for fresh clues from the US inflation data report. The U.S. dollar index, the benchmark for the greenback, fell 0.006% and is hovering near the 103.70 level. Consequently, the GBP/USD pair bounced a little from the 1.230 mark to gain 0.20% so far. The British pound has seen massive selling pressure in the last few weeks as it is trying to settle near the major support level at the 1.230 mark after losing heavily. A successful Control of this support level will open the way to the test of the next immediate resistance which is located at the 1.2400 mark.

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