For the 24 hours to 23:00 GMT, the GBP declined 0.63% against the USD and closed at 1.2173, after comments from the British Prime Minister stoked fresh worries of a “hard Brexit”.
The Britain’s Prime Minister, Theresa May stated that UK would not hold on keeping “bits of European Union membership”.
In other economic news, UK’s Halifax house price index rose more-than-expected by 1.7% MoM in December, marking its strongest increase since March 2016. Markets anticipated the index to advance 0.3%, after registering a revised gain of 0.6% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2168, with the GBP trading marginally lower against the USD from yesterday’s close.
Overnight data indicated that the nation’s BRC retail sales across all sectors climbed 1.0% YoY in December, after recording a rise of 0.6% in the previous month.
The pair is expected to find support at 1.2108, and a fall through could take it to the next support level of 1.2049. The pair is expected to find its first resistance at 1.2241, and a rise through could take it to the next resistance level of 1.2315.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.