For the 24 hours to 23:00 GMT, the GBP declined 1.39% against the USD and closed at 1.2776, after an exit poll indicated that the British Prime Minister, Theresa May is losing her parliamentary majority in Britain’s election, a development that would spark political turmoil in the nation and delay Brexit talks.
In the Asian session, at GMT0300, the pair is trading at 1.2740, with the GBP trading 0.28% lower against the USD from yesterday’s close, with the UK election results pointing towards a hung parliament.
The pair is expected to find support at 1.2631, and a fall through could take it to the next support level of 1.2521. The pair is expected to find its first resistance at 1.2914, and a rise through could take it to the next resistance level of 1.3087.
Ahead in the day, investors will await the outcome of UK’s general election along with Britain’s trade balance, industrial, manufacturing and construction output data, all for April.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.