For the 24 hours to 23:00 GMT, the GBP declined 0.82% against the USD and closed at 1.2810, after Brexit Secretary, Dominic Raab revealed his department’s contingency plans for a no-deal exit from the EU and stated that UK credit card users could be forced to pay a ‘Brexit-tax’ worth £166 million.
In the Asian session, at GMT0300, the pair is trading at 1.2813, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2772, and a fall through could take it to the next support level of 1.2731. The pair is expected to find its first resistance at 1.2882, and a rise through could take it to the next resistance level of 1.2951.
Moving forward, traders will await UK’s BBA mortgage approvals for July, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
