GBP/USD regains 1.2400 and beyond

The GBP/USD pair staged a solid recovery mode from near 1.2360 region and jumped back beyond 1.24 handle, mainly driven by improving risk sentiment.

GBP/USD retests daily pivot at 1.2424

Fresh bids emerged post-European open, which sent the GBP/USD pair more-than 50-pips higher, as the risk currency appears to get a lift from a minor-recovery in oil and stock markets.  

Moreover, a fresh bout of profit-taking cannot be ruled out ahead of the UK Brexit minister’s speech before the parliament scheduled later today. While the US dollar paused its rally and now consolidates the upside against its major peers, aiding the recovery in the cable.

Focus now remains on the FOMC meeting minutes, US retail sales data and a slew of Fed speaks as the UK docket remains fairly light for this week.

GBP/USD Levels to consider            

The pair finds immediate resistances placed at 1.2424 (daily pivot), 1.2447 (daily high) and 1.2500 (round number). While supports are lined up at 1.2350 (NY low) and 1.2300 (psychological levels)