For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.2727.
In the Asian session, at GMT0300, the pair is trading at 1.2730, with the GBP trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2711, and a fall through could take it to the next support level of 1.2692. The pair is expected to find its first resistance at 1.2753, and a rise through could take it to the next resistance level of 1.2776.
Looking ahead, investors would focus on UK’s CBI trends orders for May, slated 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.