For the 24 hours to 23:00 GMT, the GBP declined 0.37% against the USD and closed at 1.3068 on Friday, amid a fresh bout of political uncertainty in the UK.
On the macro front, UK’s Halifax house price index unexpectedly advanced 0.8% on a monthly basis in September, following a revised advance of 1.5% in the prior month and defying markets consensus for a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.3086, with the GBP trading 0.14% higher against the USD from Friday’s close.
The pair is expected to find support at 1.3040, and a fall through could take it to the next support level of 1.2993. The pair is expected to find its first resistance at 1.3120, and a rise through could take it to the next resistance level of 1.3153.
Going ahead, traders will look forward to Britain’s BRC retail sales data for September, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.