For the 24 hours to 23:00 GMT, the GBP declined 4.49% against the USD and closed at 1.2443.
On the data front, UK’s Markit services PMI dropped to 13.4 in April, compared to a level of 34.5 in the previous month. The preliminary figures had recorded a drop to 12.3.
In the Asian session, at GMT0300, the pair is trading at 1.2437, with the GBP trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2411, and a fall through could take it to the next support level of 1.2384. The pair is expected to find its first resistance at 1.2474, and a rise through could take it to the next resistance level of 1.2510.
Looking ahead, traders would keep a watch on UK’s Markit construction PMI for April, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
