For the 24 hours to 23:00 GMT, the GBP declined 0.84% against the USD and closed at 1.2456, amid heightened anxiety as the UK Government is set to launch Britain’s formal exit from the European Union (EU).
In the Asian session, at GMT0300, the pair is trading at 1.2415, with the GBP trading 0.33% lower against the USD from yesterday’s close, with investors looking forward to the UK Prime Minister, Theresa May, as she is set to invoke Article 50 of the EU Treaty later today, with a formal notification of Britain’s intent to leave the Euro-bloc, kicking off a two-year period of Brexit negotiations.
The pair is expected to find support at 1.2328, and a fall through could take it to the next support level of 1.2241. The pair is expected to find its first resistance at 1.2549, and a rise through could take it to the next resistance level of 1.2683.
Going ahead, market participants look forward to UK’s consumer credit and mortgage approvals data, both for February, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
