GBP/USD re-attempts 1.2400 amid cross-driven strength

GBP/USD’s minor-recovery seen in Asia lost legs just ahead of 1.24 handle, as the USD bulls jumped back on the bids and accelerated control over the last hour, knocking-off GBP/USD back towards daily lows of 1.2376.

The cable now eased-off lows and makes another attempt to regain 1.24 barrier amid stalled USD buying across the board. Moreover, a positive close on most major Asian indices also keeps the sentiment buoyed somewhat around the risk currency GBP.

Further, strong gains seen in the GBP cross on the back of a rally in USD/JPY, also lends support to the GBP bulls. The USD/JPY pair rallied to test 118 handle following BOJ Kuroda comments at the presser, citing that he doesn’t think yen has weakened excessively at this stage.

Amid a data-light UK docket, focus remains on the CBI realized sales data and USD price-action for fresh momentum.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2409 (daily high), 1.2438 (5-DMA) and 1.2485 (daily R1). While supports are seen at 1.2376 (daily low) and 1.2355 (monthly low) and below that at 1.2334 (daily S1).