GBP/USD: Supply caps steady recovery near 1.2380

The GBP/USD pair stalled its overnight recovery mode near 1.2380 region, and from there eased slightly to now trade at 1.2365, still up +0.09% on the day.

The cable keeps the bid tone intact as the greenback continues to underperform against its main competitors in tandem with the treasury yields. The major enjoys some recovery gains as markets resort to readjusting their positions heading into a new year.

Later today, the spot is likely to keep its range-trade intact near monthly lows, as dulls markets amid thin trades ahead of the holiday season may offer little incentive.

However, a host of US macro news due later in the NA session may provide the much-need impetus to the GBP/USD price-action.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2391/95 (daily R1/ 5-DMA), 1.2450 (psychological levels) and 1.2479 (10-DMA). While supports are seen at 1.2321 (Dec 21 low) and 1.2311 (4-week lows) and below that at 1.2297 (Nov 18 low).