For the 24 hours to 23:00 GMT, the GBP rose 0.48% against the USD and closed at 1.2890.
In the Asian session, at GMT0300, the pair is trading at 1.2878, with the GBP trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2822, and a fall through could take it to the next support level of 1.2766. The pair is expected to find its first resistance at 1.2919, and a rise through could take it to the next resistance level of 1.2960.
Going forward, traders would keep a watch on UK’s CBI distributive trades survey realised for July, slated to release later today. Moreover, the BRC shop price index for June, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.