GBP/USD remains stuck in a narrow range, just below 1.2900 handle

• UK political uncertainty held investors from placing any aggressive bets.
• Sliding US bond yields weighed on the USD and extended some support.

The GBP/USD pair remained confined in a 25-30 pips narrow trading band, just below the 1.2900 round-figure mark through the early North-American session on Wednesday.
 
Following a modest pullback at the start of the current trading week and the previous session's two-way prices move, the pair lacked any firm directional bias on Wednesday as traders preferred to stay on the sidelines amid absent UK political/Brexit-related headlines.

Investors remained on the sidelines

The British Pound remained supported by the fact that the incoming opinion polls have been indicating a majority for the UK Prime Minister Boris Johnson's Conservative Party, though uncertainty over the outcome held investors from placing any aggressive bullish bets.
 
Meanwhile, a mildly weaker tone surrounding the US Dollar, amid a modest pullback in the US Treasury bond yields, extended some support to the major and further collaborated towards limiting any meaningful downside, at least for the time being.
 
The USD bulls seemed rather unimpressed by the latest dovish comments from Chicago Fed President Charles Evans, saying that the neutral rate probably has moved down and that it is very difficult to generate inflation in the current environment.
 
In absence of any major market-moving economic releases, the pair seems more likely to extend its subdued/lacklustre trading action as investors now look forward to the Bank of England's Super Thursday for some short-term directional impetus.

Technical levels to watch