For the 24 hours to 23:00 GMT, the GBP rose 0.33% against the USD and closed at 1.242.
In the Asian session, at GMT0300, the pair is trading at 1.2419, with the GBP trading slightly lower against the USD from yesterday’s close.
Overnight data indicated that UK’s BRC like-for-like retail sales declined more-than-anticipated by 1.0% YoY in March, recording its sharpest decline since August 2015. Markets expected BRC retail sales to fall 0.3%, following a drop of 0.4% in the preceding month.
The pair is expected to find support at 1.2384, and a fall through could take it to the next support level of 1.2349. The pair is expected to find its first resistance at 1.2442, and a rise through could take it to the next resistance level of 1.2465.
Going ahead, investors will look forward to UK’s consumer price inflation data for March, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.