For the 24 hours to 23:00 GMT, GBP fell 0.80% against the USD and closed at 1.5788, as concerns that Europe’s debt crisis would worsen amid Greece’s political turmoil, dampened risk appetite.
The UK Prime Minister, David Cameron in a meeting with European leaders, urged for “decisive action” to stem contagion from Greece’s crisis.
In the Asian session, at GMT0300, the pair is trading at 1.577, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.5707, and a fall through could take it to the next support level of 1.5644. The pair is expected to find its first resistance at 1.5880, and a rise through could take it to the next resistance level of 1.5991.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.