GBP/USD knocking on resistance-heavy door just below 1.2700

• Sterling market see some bidding action, but limited upside as resistance looms.
• Brexit developments have all but vanished for the time being, leaving GBP traders to focus on other happenings.

GBP/USD is trapped near familiar levels, spinning into 1.670 as Monday’s early risk bid sees the Cable recovering somewhat right back into last week’s ranges from the 1.2700 major handle to 1.2615.

The Sterling heads into a thin Monday London market session with nothing meaningful on the economic data docket, seeing a free and clear economic calendar for the day, and the Cable continues to struggle to develop meaningful gains into the 1.2700 handle, and regular headlines flowing through both US policy and Brexit could send broader markets lower at any moment.

Christmas is right around the corner on Tuesday, and limited markets are set to remain fairly sedate for Monday. The only meaningful data on the docket will be the US Chicago Fed’s National Activity Index at 13:30 GMT, and nothing else remains.

The Cable remains stuck in the current zone as the pair wraps up a two-week recovery from the previous decline from below the 1.2500 handle, and technical indicators are continuing to middle, implying GBP/USD has, for the time being, lost momentum in either direction as markets buckle down for Christmas.

GBP/USD Technical Levels