British Pound is struggling to build positive momentum against US Dollar after finding rejection at 1.2930 supply area. Decreased likelihood of second Brexit referendum helped the spot to rebound from 1.2855 level. The uptick is further supported by positive UK employment data.
Meanwhile, prevailing risk aversion has underpinned demand of US Dollar as a safe haven asset. This keeps the lid on further gains.
Further fresh impetus will be provided by US existing home sales data but Brexit uncertainties will still be more important than the data for Pound.
Technical Levels to Watch
Immediate support to the downside is at 1.2800 handle ahead of 1.2750 and then 1.2660. On the flip side, immediate resistance lies at 1.2900 handle followed by 1.2975 and then 1.3045.
Latest Forex News, Analysis & Market Moving Events: