For the 24 hours to 23:00 GMT, the GBP declined 0.12% against the USD and closed at 1.2153.
In the Asian session, at GMT0400, the pair is trading at 1.2159, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2130, and a fall through could take it to the next support level of 1.2102. The pair is expected to find its first resistance at 1.2191, and a rise through could take it to the next resistance level of 1.2224.
Going ahead, market participants will closely monitor UK’s total trade balance as well as industrial and manufacturing production data, all for January, all slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
