For the 24 hours to 23:00 GMT, the GBP declined 4.32% against the USD and closed at 1.2465 on Friday.
In the Asian session, at GMT0300, the pair is trading at 1.2383, with the GBP trading 0.66% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2191, and a fall through could take it to the next support level of 1.1998. The pair is expected to find its first resistance at 1.2531, and a rise through could take it to the next resistance level of 1.2678.
Moving forward, traders would keep an eye on UK’s Nationwide housing prices, consumer credit and mortgage approvals, all for February, slated to release in a few hours. Later in the day, the GfK consumer confidence for March, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.