GBP/USD reverse Friday's tepid recovery from six week lows

The GBP/USD pair's recovery from six week lows ran out of steam near 1.2300 handle and has now reversed all of Friday's tepid recovery gains.

Currently trading around mid-1.2200s, the pair remained under some selling pressure for sixth trading session, in the previous seven, amid renewed US Dollar buying interest in wake of growing bets for an eventual Fed rate-hike action at its upcoming meeting next week. 

Moreover, investors remained reluctant from buying into the British Pound, against the backdrop of renewed Brexit worries after the House of Lords voted to amend the Brexit bill and ahead of the UK Annual Budget release on Wednesday.

On the economic data front, the US factor orders data, later during NA session, would be looked upon to grab some short-term trading opportunities.

Technical levels to watch

A follow through selling pressure is likely to increase the pair's vulnerability to head back towards 1.2215 level (Friday's low) before eventually breaking below 1.2200 handle and extending the downslide further towards 1.2155-50 horizontal support.

On the upside, 1.2300 handle remains immediate strong resistance, above which the recovery momentum could get extended towards 1.2345-50 area, en-route an important horizontal resistance near the 1.2400 handle.