For the 24 hours to 23:00 GMT, the GBP declined 3.10% against the USD and closed at 1.2624.
In the Asian session, at GMT0300, the pair is trading at 1.2609, with the GBP trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2539, and a fall through could take it to the next support level of 1.2470 The pair is expected to find its first resistance at 1.2663, and a rise through could take it to the next resistance level of 1.2718.
Moving ahead, investors would keep a close watch on UK’s BRC like-for-like retail sales for March, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
