For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.2468.

In the Asian session, at GMT0300, the pair is trading at 1.2461, with the GBP trading 0.06% lower against the USD from yesterday’s close.

Overnight data showed that UK’s GfK consumer confidence rose to -27.0 in June, compared to a reading of -30.0 in the previous month.

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The pair is expected to find support at 1.2435, and a fall through could take it to the next support level of 1.2410. The pair is expected to find its first resistance at 1.2508, and a rise through could take it to the next resistance level of 1.2556.

Going forward, traders would keep a watch on UK’s Markit services PMI for June, 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.


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