For the 24 hours to 23:00 GMT, the GBP declined 0.29% against the USD and closed at 1.2863, after two polls revealed that the Conservative Party’s lead narrowed before the December election.
In economic news, UK’s BBA mortgage approvals dropped to a 7-month low level of 41.22K in October, following a revised reading of 42.22 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.2854, with the GBP trading 0.07% lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC shop price index declined 0.5% on an annual basis in November, compared to a fall of 0.4% in the previous month.
The pair is expected to find support at 1.2827, and a fall through could take it to the next support level of 1.2799. The pair is expected to find its first resistance at 1.2891, and a rise through could take it to the next resistance level of 1.2927.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.