GBP/USD: Off session lows as S&P 500 futures turn green

A sudden reversal higher in the US stock futures is helping major currencies such as GBP and EUR regain some poise against the US dollar. 

The GBP/USD pair is now trading near 1.2990, having printed a low of 1.2933 a few minutes ago. The pair is still down roughly 0.4% on the day. 

The S&P 500 futures have erased the 1% drop seen about 30 minutes ago to trade 0.65% higher on the day. the recovery looks confounding as the odds of a Democratic blue wave or big victory for Biden have weakened with President Trump taking a lead in the key state of Florida. 

Moreover, the S&P 500 futures could be tracking the futures tied to the tech-heavy Nasdaq futures higher. Investors have treated technology stocks as safe havens or defensive plays amid the coronavirus crisis this year. 

Technical levels