For the 24 hours to 23:00 GMT, the GBP declined 0.28% against the USD and closed at 1.2733, amid increased anxiety amongst investors as formal talks on Britain’s exit from the European Union (EU) got under way.
The Brexit Minister, David Davis, started talks with the EU officials in Brussels to work out a deal on Britain’s exit from the EU and its future relationship with the common currency bloc.
In the Asian session, at GMT0300, the pair is trading at 1.2733, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2700, and a fall through could take it to the next support level of 1.2666. The pair is expected to find its first resistance at 1.2791, and a rise through could take it to the next resistance level of 1.2848.
Trading trends in the GBP today is expected to be determined by comments from the Bank of England (BoE) Governor, Mark Carney, as he is due to speak in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
