For the 24 hours to 23:00 GMT, the GBP declined 3.41% against the USD and closed at 1.2584.
In the Asian session, at GMT0300, the pair is trading at 1.2564, with the GBP trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2456, and a fall through could take it to the next support level of 1.2347. The pair is expected to find its first resistance at 1.2658, and a rise through could take it to the next resistance level of 1.2751.
Looking forward, traders would keep a watch on UK’s Nationwide housing prices and Markit manufacturing PMI, both for April, along with March consumer credit and mortgage approvals, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
