For the 24 hours to 23:00 GMT, the GBP declined 5.25% against the USD and closed at 1.2344.
On the data front, UK’s Halifax house prices remained flat on a monthly basis in March, less than market forecast for an advance of 0.1% and compared to a revised rise of 0.2% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2316, with the GBP trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2250, and a fall through could take it to the next support level of 1.2183. The pair is expected to find its first resistance at 1.2384, and a rise through could take it to the next resistance level of 1.2451.
Moving ahead, investors would keep a close watch on UK’s RICS housing price balance for March, slated to release later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
