For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.2994.
In the Asian session, at GMT0300, the pair is trading at 1.2987, with the GBP trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2943, and a fall through could take it to the next support level of 1.2898. The pair is expected to find its first resistance at 1.3042, and a rise through could take it to the next resistance level of 1.3096.
Moving ahead, traders will keep a close watch on UK’s inflation report hearings, 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.