For the 24 hours to 23:00 GMT, the GBP declined 5.86% against the USD and closed at 1.2264, after UK’s chief Brexit negotiator David Frost stated that that not much progress had been made in Brexit talks.
In the Asian session, at GMT0300, the pair is trading at 1.2269, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2199, and a fall through could take it to the next support level of 1.2128. The pair is expected to find its first resistance at 1.2347, and a rise through could take it to the next resistance level of 1.2424.
Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.