For the 24 hours to 23:00 GMT, the GBP declined 0.62% against the USD and closed at 1.2583 on Friday, after British Prime Minister, Theresa May’s chances of a failure to secure key Brexit related concessions from the European Union increased.
In the Asian session, at GMT0400, the pair is trading at 1.2582, with the GBP trading slightly lower against the USD from Friday’s close.
On the data front, UK’s Rightmove house price index rebounded 0.7% on an annual basis in December, following a decline of 0.2% in the previous month.
The pair is expected to find support at 1.2530, and a fall through could take it to the next support level of 1.2479. The pair is expected to find its first resistance at 1.2633, and a rise through could take it to the next resistance level of 1.2685.
In the absence of key economic releases in Britain later today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.