For the 24 hours to 23:00 GMT, the GBP declined 0.45% against the USD and closed at 1.3011, amid possibilities that negotiations between the UK government and the Conservative and Labour Parties might collapse.
In the Asian session, at GMT0300, the pair is trading at 1.3008, with the GBP trading marginally lower against the USD from yesterday’s close.
Overnight data showed that UK’s house price balance remained flat at a level of 23.0% in April, compared to market expectations for a climb to a level of 22.0%.
The pair is expected to find support at 1.2970, and a fall through could take it to the next support level of 1.2932. The pair is expected to find its first resistance at 1.3063, and a rise through could take it to the next resistance level of 1.3118.
In absence of key economic releases in the UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
