For the 24 hours to 23:00 GMT, the GBP declined 6.43% against the USD and closed at 1.2190.

On the data front, UK’s public sector net borrowing posted a more-than-expected deficit of £61.4 billion in April, following a revised deficit of £14.0 billion in the prior month. Additionally, retail sales plunged 18.1% on a monthly basis in April, more than market expectations for a drop of 16.0%. In the previous month, retail sales had recorded a revised drop of 5.2%.

In the Asian session, at GMT0300, the pair is trading at 1.2212, with the GBP trading 0.18% higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.2176, and a fall through could take it to the next support level of 1.2141. The pair is expected to find its first resistance at 1.2235, and a rise through could take it to the next resistance level of 1.2259.

Moving ahead, traders would keep a watch on UK’s CBI distributive trades survey for May, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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