GBP/USD retreats from 1.2600 as USD selling stalls

After having opened with a bullish gap, the GBP/USD is now on the retreat ahead of the European open, looking to close out the gap.

GBP/USD jumped at Asia and open and tapped on 1.26 handle, before meeting fresh supply as the USD bears take breather from Trump’s policies and dismal US GDP data induced massive sell-off.

Focus now shifts towards the European open, as investors will take cues from the broader market sentiment heading into a data-empty UK data. While in the NA session, the major may find fresh impetus from the US core PCE index and personal spending data.

GBP/USD Levels to consider            

At 1.2573, the upside barriers are lined up at 1.2601 (daily high), 1.2643 (Jan 25 high) and 1.2697 (Dec 1 high). While supports are aligned at 1.2543 (daily S2) and 1.2511 (10-DMA) and below that at 1.2488 (Jan 25 low).