For the 24 hours to 23:00 GMT, the GBP declined 0.54% against the USD and closed at 1.2219, after British Prime Minister Boris Johnson announced plans to suspend Parliament in September, stoking fears of a no-deal Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2203, with the GBP trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2144, and a fall through could take it to the next support level of 1.2086. The pair is expected to find its first resistance at 1.2274, and a rise through could take it to the next resistance level of 1.2346.
Moving ahead, traders would await UK’s GfK consumer confidence index and Lloyds business barometer for August, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
