GBP/USD flirting with lows at 1.2230

Haresh Menghani FXStreet

The GBP/USD pair maintained it’s offered tone for the third straight session but has managed to hold above Thursday's swing low level of 1.2210.

Currently trading around session low near 1.2230 region, a broad based US Dollar strength, led by post-ECB selling pressure around the EUR/USD major, added on to the pair's weakness led by Thursday's disappointing UK monthly retail sales figure.

Moreover, Thursday's hawkish comments from Federal Reserve New York President William Dudley, which revived hopes of an imminent Fed rate-hike action by the end of this year, continues to underpin the greenback and attracting selling around the pair.

Adding to that, the prevalent risk-off sentiment on Friday is further driving flows towards the perceived safety of the US Dollar and exerting pressure on the major. However, an offered tone around the EUR/GBP cross extended some support and has limited further slide for the major.

Technical levels to watch

Immediate support on the downside is pegged near 1.2200 handle, marking a short-term ascending trend-channel below which a fresh leg of weakness is likely to drag the pair immediately towards 1.2150 before heading towards 1.2100 round figure mark support.

On the upside, 1.2270 level is likely to act as immediate resistance, which if cleared should now assist the pair beyond 1.2300 handle towards testing 1.2330 horizontal resistance en-route the ascending trend-channel resistance near 1.2350-55 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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