For the 24 hours to 23:00 GMT, the GBP declined 1.06% against the USD and closed at 1.2358, after the British Parliament resumed following Supreme Court ruling against Prime Minister Boris Johnson’s decision to suspend parliament.
In economic news, UK’s BBA mortgage approvals declined to a level of 42.6K in August, following a revised reading of 43.3K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2374, with the GBP trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2321, and a fall through could take it to the next support level of 1.2267. The pair is expected to find its first resistance at 1.2455, and a rise through could take it to the next resistance level of 1.2535.
Going ahead, traders would await UK’s Gfk consumer confidence index for September, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
