GBP/USD stalls recovery, but holds above daily pivot

The GBP/USD pair is seen consolidating the renewed uptick seen in Asian, and wavers in a tight range above the daily pivot placed at 1.2364.

The cable trades +0.09% at 1.2374 levels, finding fresh sellers on every attempt to the upside. The major now defends mild gains as USD selling across the board appears to have stalled, as the USD bears take a breather awaiting fresh incentives from the sentiment on the European equity markets.

Also, soothing comments delivered by the UK PM May on the Brexit process also helps underpin GBP somewhat. However, calls for a negative open to the European markets keep the recovery capped in the GBP/USD pair.

The immediate focus now remains on the net public sector net borrowings data lined up for release ahead of the US existing home sales and US EIA crude oil inventory report due later in the NA session.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2417/27 (daily R1/ 5-DMA), 1.2450 (psychological levels) and 1.2467 (daily R2). While supports are seen at 1.2364 (daily pivot) and 1.2314/11 (daily S1/ multi-week lows) and below that at 1.2297 (Nov 18 low).