For the 24 hours to 23:00 GMT, the GBP declined 0.17% against the USD and closed at 1.2465.
In the Asian session, at GMT0300, the pair is trading at 1.2465, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2441, and a fall through could take it to the next support level of 1.2416. The pair is expected to find its first resistance at 1.2497, and a rise through could take it to the next resistance level of 1.2528.
Ahead in the day, all eyes will be on UK’s trade balance, manufacturing as well as industrial production data, all for February and the NIESR GDP estimate for the three months to March. Also, a speech by the Bank of England Governor, Mark Carney, will attract investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.