GBP/USD finds support just ahead of 1.2300

The bears appear to have faced exhaustion after the latest down move, allowing a brief phase of consolidation in the GBP/USD pair ahead of 1.23 handle, before the next push lower.

GBP/USD eyes next support of 1.2230

The cable remains relentlessly sold-off into renewed Brexit fears, after The Times reported that the UK could lose up to GBP 66bn under a ‘Hard Brexit’.

The GBP/USD pair lost almost 60-pips following the headlines hit the wires, while strengthening US treasury yields also weighed heavily on the major. Meanwhile the US dollar index rises 0.15% to 97.06 levels, while the major poses a minor-recovery to 1.2320, still down -0.34% on the day.

The spot failed to benefit from higher oil prices as Brexit-related uncertainty continue to outweigh any positive news surrounding the GBP. Next of note for the major remains the BOE MPC member Saunders speech and US LMCI data due later today.

GBP/USD Levels to consider            

The pair finds immediate resistances placed at 1.2386 (daily pivot), 1.2433 (5-DMA) and 1.2500 (round number). While supports are lined up at 1.2300 (round figure) and 1.2230 (key support).