GBP/USD finds support from positive FTSE, back at 1.2300

The offered tone behind the GBP weakened a bit over the last hour, allowing a minor-recovery in GBP/USD back to 1.23 handle.

GBP/USD bounces-off 1.2280

The cable maintains the offered in the European session, although trims losses as the bulls find some respite from higher London stocks.

However, any recovery in the GBP/USD pair is likely to be short-lived as the demand for the US dollar remains on the rise across the board, largely backed by a risk-rally seen in the US treasury yields.

Meanwhile the US dollar index rises 0.30% to 97.20 levels, while the GBP/USD pair recovers to 1.2300, still down -0.50% on the day.

Amid a lack of fresh fundamental triggers from the UK docket today, the cable will remain at the mercy of the USD dynamics, against the backdrop of looming Hard-Brexit concerns.

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 1.2279 (daily low) and 1.2230 (key support).