GBP/USD flirting with lows near 1.2360

The GBP/USD pair trades in 10-pips extremely slim range over the last hours, entering the European trading on a slightly weaker note amid  mild risk-off tone seen across the financial markets, as oil prices fall back in the red zone.

Moreover, stalled selling in the greenback against its main competitors, also collaborated to the retreat in the GBP/USD pair from near 1.2780 region.

Meanwhile, holiday-season lull descends into the markets, providing limited impetus to the GBP markets. Therefore, the major remains at the mercy of the US dataflow due later in the NA session.

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).