GBP/USD off session low, but remains capped below 1.25 mark

The GBP/USD pair has managed to recover early lost ground and now seems to make a fresh attempt towards clearing 1.2500 psychological mark barrier. 

Currently trading around 1.2480 region, the pair defied broad based US Dollar recovery and stalled its weakening trend at multi-day lows near mid-1.2400s. The latest leg of recovery could be attributed to some short-covering in absence of any follow through selling pressure below 100-day SMA.

It, however, remains to be seen if the pair is able to build on to its recovery move and clear 1.2500 psychological mark resistance before confirming any further up-move amid a data-light economic docket. 

Investors this week will remain focused on Wednesday’s House of Commons vote on the Article 50 bill, which might trigger a fresh bout of volatility across GBP crosses and provide some impetus for the pair’s near-term direction.

Technical levels to watch

A clear break through 1.2500 handle is likely to accelerate the up-move towards 1.2540 resistance area above which the pair seems poised to head towards reclaiming 1.2600 handle, en-route 1.2650-55 resistance area. On the flip side, follow through selling pressure below 1.2450 level (session low) should drag the pair towards 50-day SMA support near 1.2430 region, which if broken would pave way for continuation of the pair’s near-term downward trajectory initially towards 1.2400 round figure mark and eventually towards its next support near 1.2330-25 zone.

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