GBP/USD: Gains capped near 1.2350, awaits PMI, BOE

The GBP/USD pair failed once again near 1.2350 levels, and now consolidates the upside above 1.23 handle amid broad based US dollar weakness.

GBP/USD finds support ahead of 5-DMA

The cable trims gains, although remains well bid amid risk-off markets, in wake of US elections-led uncertainty and anxiety, which continues to exert downward pressure on the greenback.

Meanwhile, the GBP traders moved past the FOMC decision and now await the EU membership court ruling on Brexit, UK services PMI and BOE policy decision accompanied by inflation report hearings for next direction on the major.

GBP/USD Levels to consider            

At 1.2180, the pair finds immediate resistances placed at 1.2370 (daily R1), 1.2400 (Oct 20 high) and 1.2453 (Oct 10 high). While supports are lined up at 1.2294 (daily pivot) and 1.2266 (5-DMA) and below that at 1.2235/33 (10 & 20-DMA).