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GBP/USD testing offers near 1.2670 again amid weaker USD

12/28/2018, 3:07:32 PMMarket Analysis
GBP/USD testing offers near 1.2670 again amid weaker USD

The GBP/USD pair is trying hard to take on its steady recovery mode from near 1.2640 lows beyond the 1.2670/75 supply zone, as the sellers continue to lurk amid ongoing chaos around the Brexit deal.

According to The Independent (a UK newspaper), the UK Labour Party Leader, Jeremy Corbyn, has challenged PM Theresa May to cut short the Christmas recess and recall parliament early in the new year in order to bring forward a critical vote on the Brexit deal.

Meanwhile, The Insitute of Directors (IoD) warned on Thursday that the UK business leaders' confidence has sunk to 18-month lows as Brexit approaches and little progress remains seen.

However, the spot manages to derive some comfort from broad-based US dollar weakness and a better risk environment amid a rebound in oil, stocks and Treasury yields. The greenback remains on the back foot, in the wake of the partial US government shutdown and a dip in the US consumer confidence.

Markets now await the release of the UK second-liner November BBA Mortgage Approvals and US housing data for fresh near-term trading opportunities, as volumes thin out heading into the New Year.