For the 24 hours to 23:00 GMT, the GBP declined 5.85% against the USD and closed at 1.2266 on Friday.
On the data front, UK’s Markit services PMI fell to a level of 34.5 in March, recording its lowest level since the survey began in July 1996 and compared to a reading of 53.2 in the previous month. The preliminary figures had recorded a drop to 35.7.
In the Asian session, at GMT0300, the pair is trading at 1.2236, with the GBP trading 0.24% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2163, and a fall through could take it to the next support level of 1.2090. The pair is expected to find its first resistance at 1.2352, and a rise through could take it to the next resistance level of 1.2468.
Moving forward, traders would keep an eye on UK’s Markit construction PMI for March, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
