GBP/USD offered above 1.26, hits fresh lows near 1.2570

The GBP/USD pair ran through fresh offers above 1.26 handle over the last hours, now dropping to fresh session lows of 1.2571, down -0.14% on the day.

The cable stalled its recovery mode and fell back in negative territory, after a renewed bout of risk-aversion gripped the European markets and dampened the sentiment around the higher-yielding currencies such as the GBP.

The major witnessed fresh buying interest earlier today and rallied as high as 1.2612, mainly driven by cross-driven strength, helped by fresh selling in EUR/GBP and at the same time GBP/JPY demand.

Amid a data-empty fundamental calendar for today, focus shifts towards Tuesday’s China data dump and UK CPI report  for further momentum on the major.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2635 (10-DMA), 1.2650 (psychological levels) and 1.2704 (100-DMA). While supports are seen at 1.2548/45/42 (Dec 9 & 8 low/ 20-DMA) and 1.2498 (Dec low) and below that at 1.2421 (50-DMA).