GBP/USD recovers early lost ground, back near session tops around 1.2400 mark

• GBP/USD showed some resilience at lower levels and bounced around 150 pips from daily lows.
• The intraday uptick seemed rather unaffected by some strong follow-through USD buying interest.

The GBP/USD pair finally broke out of its European session consolidation phase and moved back to the top end of its daily trading range, around the 1.2400 mark.

The pair continued showing some resilience at lower levels, rather attracted some dip-buying and has now recovered over 150 pips from an early Asian session knee-jerk slide to an intraday low level of 1.2243.

The British pound found some support from Tuesday's mostly in line or better-than-expected UK macro data and seemed rather unaffected by some follow-through buying interest surrounding the US dollar.

The greenback benefitted from its status as the global reserve currency amid concerns over the fallout from the coronavirus pandemic and got an additional boost from a pickup in the US Treasury bond yields.

This eventually seemed to be the only factor capping any further gains for the major, making it prudent to wait for some follow-through buying before positioning for any further near-term appreciating move.

Moving ahead, market participants now look forward to the US economic docket, featuring the release of Chicago PMI and the Conference Board's Consumer Confidence Index for a fresh trading impetus.

Technical levels to watch