GBP/USD supported near 1.2150, reverts to 1.2180

Dhwani Mehta FXStreet

The GBP/USD pair once again found fresh bids ahead of the mid-point of 1.21 handle, sending the rate back towards 1.2200 levels, although the recovery ran into resistance near 1.2185 region post-European open.

GBP/USD eyes US GDP for fresh impetus

The cable is defending mild gains in the European session, as strengthening global yields across the curve continue to diminish the demand for sterling as an alternative higher-yielding option.

The US treasury yields are seen strengthening on the back of a Dec Fed rate hike deal almost confirmed, which pushes the short-term inflation expectations higher. Meanwhile, GBP/USD is seen last exchanging hands at 1.2176, recording a +0.11 % gain on the day.

Calendar-wise, amid a lack of economic data from the UK docket, the US Q3 advance GDP report is likely to hog the limelight in the day ahead.

GBP/USD Levels to consider

The pair finds immediate resistances placed at 1.2204 (5-DMA), 1.2250 (key resistance) and 1.2300 (Oct 20 high). While supports are lined up at 1.2153 (daily low) and 1.2134 (Oct 17 low) and below that at 1.2100 (round figure).

Sell 73%

Buy 27%

Avg Sell Price 1.2364

Avg Buy Price 1.2770

Liquidity Distribution

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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