For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.2900, after UK Prime Minister, Theresa May, and opposition Labour Party failed to reach to an outcome over Brexit.
On the data front, UK’s CBI business optimism improved to a level of -16 in April, following a level of -23 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2901, with the GBP trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2872, and a fall through could take it to the next support level of 1.2844. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2946.
Trading trend in the Sterling today is expected to be determined by UK’s BBA loans for house purchase for March, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
