For the 24 hours to 23:00 GMT, the GBP dropped 0.68% against the USD and closed at 1.2852, amid renewed Brexit worries, following reports that Prime Minister, Theresa May had cancelled a cabinet meeting to approve a Brexit deal.
In the Asian session, at GMT0400, the pair is trading at 1.2886, with the GBP trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2828, and a fall through could take it to the next support level of 1.2770. The pair is expected to find its first resistance at 1.2944, and a rise through could take it to the next resistance level of 1.3002.
Looking forward, investors would closely monitor UK’s average weekly earnings and ILO unemployment rate, both for September, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
