For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.2727 on Friday, after the British Prime Minister, Theresa May, offered European Union (EU) citizens the right to stay in the UK in exchange for Britons to stay in the EU, thus raising the likelihood for a softer Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2751, with the GBP trading 0.19% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2710, and a fall through could take it to the next support level of 1.2670. The pair is expected to find its first resistance at 1.2773, and a rise through could take it to the next resistance level of 1.2796.
Going ahead, traders would look forward to Britain’s BBA mortgage applications data for May, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
