For the 24 hours to 23:00 GMT, the GBP declined 3.42% against the USD and closed at 1.2583.
In the Asian session, at GMT0300, the pair is trading at 1.2564, with the GBP trading 0.15% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2577, and a fall through could take it to the next support level of 1.2590. The pair is expected to find its first resistance at 1.2682, and a rise through could take it to the next resistance level of 1.2800.
Moving forward, traders would keep a watch on UK’s trade balance, industrial production, manufacturing production and gross domestic product (GDP), all for April, along with the NIESR GDP estimate for May, slated to release in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
