GBP/USD surrenders modest intraday recovery gains, back below mid-1.3200s


   •  A subdued USD price action lends some support and helps bounce off lows. 
   •  Brexit uncertainties continue to weigh on the GBP and seemed to cap gains.

The GBP/USD pair struggled to capitalize on a goodish intraday bounce and is currently placed in the neutral territory, just a few pips below mid-1.3200s.

The pair did lose some ground during the early European session but once again managed to find decent support near the 1.3200 round figure mark and rallied to an intraday high level of 1.3278.

As investors digested this week's key Brexit votes, the volatility around the British Pound now seems to have receded and some renewed US Dollar selling bias extended some support to the major.

The British Pound got an additional boost after a French President Official said that the EU27 would agree to a short technical extension to Article 50 if the UK Parliament passes a meaningful vote next week.

The official further added that the EU27 would widely oppose a short extension if no deal has been passed and turned out to be the only factor that kept a lid on any strong follow-through move for the major.

According to Bloomberg, citing a UK official on the matter, Tuesday evening was reported to be the most likely time for the third meaningful vote on the Brexit vote, which if rejected might lead a longer extension and further prolong Brexit uncertainties.

Technical levels to watch

GBP/USD

Overview:
    Today Last Price: 1.3249
    Today Daily change %: 0.06%
    Today Daily Open: 1.3241
Trends:
    Daily SMA20: 1.3129
    Daily SMA50: 1.3013
    Daily SMA100: 1.2894
    Daily SMA200: 1.2983
Levels:
    Previous Daily High: 1.3342
    Previous Daily Low: 1.3207
    Previous Weekly High: 1.3269
    Previous Weekly Low: 1.299
    Previous Monthly High: 1.3351
    Previous Monthly Low: 1.2773
    Daily Fibonacci 38.2%: 1.3259
    Daily Fibonacci 61.8%: 1.329
    Daily Pivot Point S1: 1.3185
    Daily Pivot Point S2: 1.3129
    Daily Pivot Point S3: 1.3051
    Daily Pivot Point R1: 1.3319
    Daily Pivot Point R2: 1.3397
    Daily Pivot Point R3: 1.3453

 

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