For the 24 hours to 23:00 GMT, the GBP declined 3.12% against the USD and closed at 1.2622, as investors await the result of meeting between the UK and European Commission about Brexit trade negotiations.
In the Asian session, at GMT0300, the pair is trading at 1.2666, with the GBP trading 0.35% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2524, and a fall through could take it to the next support level of 1.2383. The pair is expected to find its first resistance at 1.2738, and a rise through could take it to the next resistance level of 1.2811.
Moving forward, traders would keep a watch on UK’s ILO unemployment rate and average earning excluding bonus, both for April, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
