For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.2388 on Friday.
In the Asian session, at GMT0400, the pair is trading at 1.2384, with the GBP trading marginally lower against the USD from Friday’s close.
Overnight data indicated that UK’s Rightmove house price index rose 1.3% on a monthly basis in March, following a gain of 2.0% in the previous month.
The pair is expected to find support at 1.2335, and a fall through could take it to the next support level of 1.2287. The pair is expected to find its first resistance at 1.2418, and a rise through could take it to the next resistance level of 1.2453.
With no economic releases in Britain today, traders await UK’s inflation figures for February, slated to release tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.