For the 24 hours to 23:00 GMT, the GBP declined 6.28% against the USD and closed at 1.2210, amid news reports that British Prime Minister was moved to the intensive care unit due to persistent COVID-19 symptoms.
On the data front, UK’s construction PMI dropped to a level of 39.3 in March, marking its lowest level since April 2009 and more than market forecast for a drop to a level of 44.0. In the previous month, the index had recorded a reading of 52.6 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2261, with the GBP trading 0.42% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2176, 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 1.2337, and a rise through could take it to the next resistance level of 1.2412.
Moving forward, investors would keep an eye on UK’s Halifax house prices for March, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
