GBP/USD deflates from 1.2260, risk-off weighs
The pound remains on the front foot against its American rival in early Europe, keeping GBP/USD well bid near the mid-point of 1.22 handle.
The cable staged a solid comeback from a dip to 1.2210 and went to hit daily highs at 1.2258, before meeting fresh offers to now trade at 1.2247, still up +0.16% on the day.
The spot remained supported amid ongoing weakness in US dollar; however, further recovery appears capped amid wide-spread risk-aversion as global equities drop alongside oil prices.
The
GBP/USD Levels to consider
In terms of technical levels, upside barriers are lined up at 1.2264 (5-DMA), 1.2300 (round number and 1.2379 (Dec 22 high). While supports are seen at 1.2210 (daily low) and 1.2182 (daily S1) and below that at 1.2141 (Oct 31 low).