For the 24 hours to 23:00 GMT, the GBP rose 0.15% against the USD and closed at 1.2902 on Friday, after Nigel Farage’s Brexit Party decided to not contest for an additional 43 seats currently held by Conservative Party in the upcoming general election.
In the Asian session, at GMT0400, the pair is trading at 1.2931, with the GBP trading 0.22% higher against the USD from Friday’s close.
Overnight data showed that UK’s Rightmove house price index advanced 0.3% on a monthly basis in November, following a drop of 0.2% in the prior month.
The pair is expected to find support at 1.2889, and a fall through could take it to the next support level of 1.2846. The pair is expected to find its first resistance at 1.2953, and a rise through could take it to the next resistance level of 1.2974.
Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
