GBP/USD gravitates below 1.2250 level

The greenback continues to march higher, with the GBP/USD pair breaking below mid-1.2200s to hit a fresh session low. 

Currently trading around 1.2240 region, resurgent US Dollar buying interest, coupled with the ongoing 'hard Brexit' worries, have been the key factors collaborating to some selling interest around the major. 

In absence of any fresh development, thin market liquidity conditions might have aggravated the slide and dragging the pair back towards seven-week low touched last week. 

Even from technical perspective, last week's drop below 1.2315-10 important horizontal support has confirmed a near-term bearish break-down and hence, the pair remains vulnerable to further downslide in the near-term.

Next in focus would be the Conference Board's US consumer confidence index for December, which will now be looked upon for fresh impetus for short-term trading opportunities.

Technical levels to watch

Immediate downside support is pegged near 1.2230 area (Friday's low) below which the pair is likely to gravitate towards 1.2190 intermediate support, en-route 1.2160-50 horizontal support. On the upside, 1.2280 level now becomes immediate hurdle above which the pair is likely to aim towards reclaiming 1.2300 handle and head towards testing an important support break-point, now turned resistance, near 1.2310-15 region.