GBP/USD recovery stalls once again near 1.2215

The GBP/USD pair failed another attempt to sustain above 1.22 handle, as the pound ran through fresh offers after less upbeat BOE credit conditions survey.

GBP/USD: BOE Forbes, Carney eyed

The bears tightened their grip on the GBP last minutes, capping the recovery in the major ahead of 1.22 handle, as the sentiment around the pound was dampened following the release of the BOE credit conditions survey, which revealed that Brexit looks to have hit demand for UK mortgages.

Moreover, the worse-than expected UK construction output data also collaborate to the bearish momentum seen in the GBP/USD pair. Additionally, increased nervousness ahead of speeches from BOE Forbes and Governor Carney also keeps the bulls at bay.

Later in the NA session, we have the US retail sales data and FOMC member Rosengren’s speech, which will be followed by Fed Chair Yellen’s speech, with markets awaiting fresh hints on the Fed’s rate hike outlook.

GBP/USD Levels to consider            

The pair finds immediate resistances placed at 1.2262/63 (daily high), 1.2300 (round number) and 1.2365 (daily R2). While supports are lined up at 1.2168 (daily low) and 1.2130 (Oct 13 low) and below that at 1.2086 (Oct 11 low).