GBP/USD recovers losses, swings back above 1.4600

The GBP/USD pair catches fresh bids and swings back above 1.46 handle, as the greenback turns negative against its major peers.

GBP/USD bounces-off 1.4590

Currently, GBP/USD trades modestly flat at 1.4606, having posted fresh session highs at 1.4611 last minutes. The cable appears to regain lost momentum and reverts towards tw-week tops as the bulls cheer the latest ComRes / ITV Brexit poll, which also showed the Remain camp as the favourites, with 52% in favour of anti-Brexit, while 41% opt to leave EU’s membership.

Moreover, subdued trading activity seen in the US dollar across the board, also adds to the upbeat momentum around the GBP/USD pair. Markets now await the UK CBI Industrial Order Expectations data for fresh impetus on the GBP ahead of the US existing home sales data due later in the NA session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4654/66 (daily R1/ May 19 High), above which 1.4700 (round number) would be tested. On the flip side, support is seen at 1.4579 (1h 50-SMA) below that at 1.4534 (5-DMA).