For the 24 hours to 23:00 GMT, the GBP declined 0.5% against the USD and closed at 1.2237.
In the Asian session, at GMT0400, the pair is trading at 1.2245, with the GBP trading 0.07% higher against the USD from yesterday’s close.
Overnight data showed that UK’s BRC retail sales across all sectors declined more-than-expected by 0.4% YoY in February, compared to a fall of 0.6% in the prior month, while market participants were expecting retail sales to ease 0.2%.
The pair is expected to find support at 1.2213, and a fall through could take it to the next support level of 1.2180. The pair is expected to find its first resistance at 1.2286, and a rise through could take it to the next resistance level of 1.2326.
Going ahead, traders would look forward to UK’s Halifax house price index for February, due to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.