GBP/USD recovery fails to gather momentum

GBP/USD recovered from daily lows at the beginning of the New York session, but the bounce lacked momentum, leaving the pair confined to a narrow range over the last hours.

In the absence of fresh news, the dollar stabilized over the last hours. News that the FBI was once again ending its investigation into Clinton's emails gave the greenback support at the weekly opening, sending GBP/USD to a low of 1.2379.

Cable managed to recover from lows, but lacked follow-through with main market focus now turning to the US presidential elections. At time of writing, the pair is trading at 1.2407, still down 0.86% on the day.

GBP/USD levels to watch

As for technical levels, immediate supports are seen at 1.2379 (Nov 7 low), 1.22295 (Nov 3 low/10-day SMA) and 1.2258 (20-day SMA). On the flip side, resistances could be found at 1.2548 (Nov 4 high), 1.2600 (psychological level) and 1.2620 (Oct 7 high).

To learn more about this topic, check our video analysis.