GBP/USD attempts a tepid-bounce on 1.24 handle

The bid tone behind the GBP keeps growing bigger in the European session, with GBP/USD now wavering below 1.24 handle.

GBP/USD making lower lows on hourly sticks

After a brief phase of downside consolidation seen immediately after the European open, the cable ran into fresh offers once again and hit a new low of 1.2382, on the back of latest reports from Sky News sources, which cited that the UK government is preparing the first draft of a new bill to trigger Article 50 and begin the process of exiting the European Union.

The major remains under heavy selling pressure so far this session, in wake of persistent broad based US dollar strength backed by the FBI clearance of Clinton’s email.  GBP/USD now recovers some ground to trade around 1.2410 levels, still recording a -0.85% loss on the day.

Later today, the spot will take further cues from the sentiment on the Wall Street and the LMCI data lined up for release from the US docket.

GBP/USD Levels to consider            

The pair finds immediate resistances placed at 1.2437 (5-DMA), 1.2500 (round number) and 1.2559 (multi-week highs). While supports are lined up at 1.2382 (daily low) and 1.2350 (psychological levels) and below that at 1.2325 (10-DMA).

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