For the 24 hours to 23:00 GMT, the GBP slightly rose against the USD and closed at 1.2820.
In the Asian session, at GMT0300, the pair is trading at 1.2817, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2791, and a fall through could take it to the next support level of 1.2766. The pair is expected to find its first resistance at 1.2846, and a rise through could take it to the next resistance level of 1.2876.
Going ahead, market participants await the release of UK’s consumer confidence data for May, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
