For the 24 hours to 23:00 GMT, the GBP declined 3.91% against the USD and closed at 1.2518.
In the Asian session, at GMT0300, the pair is trading at 1.2482, with the GBP trading 0.29% lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC like-for-like retail sales slid 3.5% on a yearly basis in March, registering its sharpest fall since records began in 1995 and compared to a drop of 0.4% in the previous month.
The pair is expected to find support at 1.2407, and a fall through could take it to the next support level of 1.2331. The pair is expected to find its first resistance at 1.2589, and a rise through could take it to the next resistance level of 1.2695.
Amid no major economic releases in the UK today, investor sentiment will be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
