For the 24 hours to 23:00 GMT, the GBP declined 4.48% against the USD and closed at 1.2444.
In the Asian session, at GMT0300, the pair is trading at 1.2461, with the GBP trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2419, and a fall through could take it to the next support level of 1.2378. The pair is expected to find its first resistance at 1.2489, and a rise through could take it to the next resistance level of 1.2518.
Looking forward, traders would keep a close watch on UK’s Markit services PMI for April, slated to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
