GBP/USD slumps to lows below 100-DMA, UK data, BOE eyed

The minor-recovery seen in GBP/USD lost steam near 1.2460 region, as the bears regained control and knocked-off the rate below the 100-DMA support located at 1.2429.

GBP gains limited? – Danske Bank

The major ran into fresh offers in the European session, largely on the back of fresh buying interest seen around the greenback against its major rivals, whilst markets turn cautious and liquidate GBP long positions heading into the UK Public Sector Net Borrowing data and the much-awaited BOE inflation report hearings.

Besides, focus also remains on the Article 50 marathon debate in the House of Lords, to gauge the sentiment around the pound, as the BOE Governor Mark Carney and his team testify before the Treasury Select Committee (TSC) later in the day.

GBP/USD Levels to consider            

The upside barriers are lined up at 1.2481 (daily high), 1.2500 (round figure) and 1.2570 (Feb 16 high). While supports are aligned at 1.2400/1.2393 (key support/ 50-DMA) and 1.2365 (daily S2) and below that at 1.2344 (Feb 7 low).