GBP/USD: Fresh offers coming in near 1.4265, looks vulnerable

The pound defends the bids against its American counterpart in the European morning, with the bears pressing GBP/USD down towards 5-DMA placed at 1.4226.

GBP/USD struggles in early Europe

Currently, GBP/USD now trades +0.21% higher at 1.4234, hovering close to fresh session lows posted at 1.4231 last minutes. The cable fails every attempt to surpass strong offers lined up near 1.4265 region and drifts lower in a bid to test 5-DMA support.

However, the downside appears cushioned by expectations of an upbeat start to the European markets, as Euro Stoxx 50 futures bounce +1.1% in early European trading. Markets now await fresh impetus from the upcoming US data, as markets move beyond the Brexit campaign suspension news and BOE’s unchanged monetary policy decision.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4295/1.4300 (daily high/ round number), above which 1.4348 (100-DMA) would be tested. On the flip side, support is seen at 1.4200 (round figure) below that at 1.4181/76 (1h 50 & 100-SMA).