For the 24 hours to 23:00 GMT, the GBP declined 5.86% against the USD and closed at 1.2264.
On the data front, UK’s BRC like-for-like retail sales unexpectedly rose 5.7% on a yearly basis in April, defying market expectations for a fall of 1.3% and compared to a drop of 3.5% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2274, with the GBP trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2224, and a fall through could take it to the next support level of 1.2175. The pair is expected to find its first resistance at 1.2350, and a rise through could take it to the next resistance level of 1.2427.
Moving forward, traders would keep a watch on UK’s trade balance, industrial production, manufacturing production, all for March, along with and gross domestic product (GDP) for Q12020 and the NIESR GDP estimate for April, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.