GBP/USD reverses sharply from 1.2485

The GBP/USD pair faded a rally to daily tops near 1.2485 region and reverted towards the mid-point of 1.24 handle. The spot is last see exchanging hands at 1.2461, up +0.42% on the day. 

Further GBP pullback remains on the cards – Danske Bank

The major witnessed two-way trading action so far this session, as traders gear up for the  House of Lords debate on UK PM May’s Brexit plan due later this session. Also, low liquidity and irregular volatility amid holiday-thinned trading exaggerates the moves in GBP/USD.

The immediate focus now remains the UK CBI’s industrial trends due out shortly, while the Article 50 trigger debate is likely to hog the limelight ahead of Tuesday’s UK Public Sector Net Borrowings data and BOE Carney’s speech.

GBP/USD Levels to consider            

The upside barriers are lined up at 1.2483 (daily high), 1.2500 (round figure) and 1.2570 (Feb 16 high). While supports are aligned at 1.2400 (key support) and 1.2389 (50-DMA) and below that at 1.2344 (Feb 7 low).