GBP/USD recovery from Carney-led slump stalls at 1.3350

The bulls were rescued by risk-on sentiment, prompting a minor-recovery in the GBP/USD pair from 1.3200, before supply capped the recovery at the mid-point of 1.33 handle.

GBP/USD holds above 1.3300

Currently, GBP/USD trades +0.14% higher at 1.3329, having faced fresh supply ahead of daily pivot at 1.3345.  The bid tone around the cable weakened a bit over the last couple of hours, after the greenback stalled its overnight retreat and jumped back on the bids against its major peers.

Moreover, the recovery lost pace as the European traders hit their desks and react to the Carney’s comments over potential rate cut this summer. While ongoing Brexit-related economic and political uncertainty also continues to weigh on the GBP traders’ sentiments.

Focus now turns towards the fundamentals, with the UK manufacturing PMI on the cards in the European session, while the US ISM manufacturing PMI will be reported in the NA session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.3418 (June 28 High), above which 1.3450 (psychological levels) would be tested. On the flip side, support is seen at 1.3283 (Jun 29 low) below that at 1.3207 (Jun 30 low).