For the 24 hours to 23:00 GMT, the GBP declined 5.61% against the USD and closed at 1.2297.
On the data front, UK’s ILO unemployment rate unexpectedly rose to 4.0% in the three months ended February, defying market expectations for a steady reading and compared to 3.9% in the prior month. Moreover, average earnings including bonus advanced 2.8% on an annual basis in the three months ended February, less than market consensus for a rise of 3.0% and compared to a rise of 3.1% in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.2294, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2221, and a fall through could take it to the next support level of 1.2148. The pair is expected to find its first resistance at 1.2394, and a rise through could take it to the next resistance level of 1.2494.
Looking ahead, traders would keep a watch on UK’s consumer price index, the producer price index and the retail price index, all for March along with the DCLG house price index for February, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
