For the 24 hours to 23:00 GMT, the GBP declined 0.96% against the USD and closed at 1.3781 on Friday, after downbeat British economic growth figures diminished the odds of a May interest rate hike.
Data indicated that UK’s flash gross domestic product (GDP) rose less-than-expected by 0.1% QoQ in the first three months of 2018, expanding at its weakest pace in over 5 years. The nation’s GDP had registered a reading of 0.4% in the previous quarter, while market participants had envisaged for an increase of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3779, with the GBP trading marginally lower against the USD from Friday’s close.
The pair is expected to find support at 1.3706, and a fall through could take it to the next support level of 1.3632. The pair is expected to find its first resistance at 1.3894, and a rise through could take it to the next resistance level of 1.4008.
Amid no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
