For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.2474, following an apparent terrorist attack near the British Parliament at Westminster.
In the Asian session, at GMT0400, the pair is trading at 1.2481, with the GBP trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2433, and a fall through could take it to the next support level of 1.2385. The pair is expected to find its first resistance at 1.2517, and a rise through could take it to the next resistance level of 1.2553.
Looking ahead, traders would focus on UK’s retail sales data for February, slated to release in a few hours, to gain insights on how consumer spending is holding up with uncertainty surrounding Brexit negotiations.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.