For the 24 hours to 23:00 GMT, the GBP rose 0.68% against the USD and closed at 1.4026, as the latest development in Brexit talks renewed hopes of softer Brexit.
Yesterday, Britain and the European Union (EU) reached a 21-month post-Brexit transition period deal and a possible solution to avoid a “hard border” for Northern Ireland.
In the Asian session, at GMT0400, the pair is trading at 1.4038, with the GBP trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3938, and a fall through could take it to the next support level of 1.3838. The pair is expected to find its first resistance at 1.4113, and a rise through could take it to the next resistance level of 1.4188.
Going ahead, market participants would closely monitor UK’s consumer price inflation figures for February, 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.
