GBP/USD hits fresh session lows in tandem with FTSE

The pound came under renewed selling pressure against its American rival as we step into mid-Europe, knocking-off GBP/USD to fresh daily lows of 1.2370 levels.

The cable is seen on a gradual decent and looks to test four-week lows reached yesterday at 1.2355 levels, as the London stocks trade with moderate losses and hit the sentiment around the higher-yielding currency GBP.

Moreover, a broadly stronger US dollar and rising treasury yields also collaborate to the downslide in GBP/USD. The immediate focus for the major remains on the UK CBI realized sales data due to be reported shortly, while the US calendar remains data-empty today.

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 1.2355 (monthly low) and 1.2334 (daily S1) and below that at 1.2308 (Nov 21 low).