GBP/USD finds fresh bids near 1.2220, UK PMI ahead

The GBP/USD pair found some support near 1.2220 region, and from there attempts another run towards the mid-point of 1.22 handle, as focus now remains on the UK construction sector activity report due later in the European session.

GBP/USD eyes daily pivot at 1.2248

The cable stalled its phase of steady decline in early Asia, and looks to regain the bids amid stalled USD buying and a better risk environment amid higher Asian equities and oil prices.

On Tuesday, the major witnessed two-way trades, after a stronger UK manufacturing PMI to 1.23 handle only to meet fresh supply on the release of better-than expected US ISM manufacturing PMI data to test 1.22 barrier.

Later today, the major will get influenced by the UK construction PMI data and Fed minutes, while risk remains to the downside in the coming days amid looming Brexit concerns, hawkish Fed and optimism around Trump’s policies and reforms.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2248 (daily pivot), 1.2277 (10-DMA) and 1.2298 (daily R1). While supports are seen at 1.2200 (round figure) and 1.2150 (multi-month lows) and below that at 1.2100 (zero figure).