For the 24 hours to 23:00 GMT, the GBP declined 5.20% against the USD and closed at 1.2350 on Friday.

In the Asian session, at GMT0300, the pair is trading at 1.2402, with the GBP trading 0.42% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2324, and a fall through could take it to the next support level of 1.2245. The pair is expected to find its first resistance at 1.2448, and a rise through could take it to the next resistance level of 1.2493.

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Moving forward, traders would keep a watch on UK’s Markit manufacturing PMI for May, slated to release in few hours.

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

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