GBP/USD: Choppy below 1.2800, awaits fresh Brexit news

• Brexit anxiety keeps any recovery attempts short-lived and bulls under control.
• US dollar appears buoyed by risk-off in the European equities, as thin trading persists.

The GBP/USD pair stalled its recovery from four-day lows of 1.2765 just shy of the 1.28 handle in early Europe and entered a phase of consolidation below the last, as the bulls await some clarity on the Brexit agreement amid Thanksgiving holiday thinned-markets.

The recovery gains in the spot remain capped as the US dollar stalls its retreat across its main competitors amid a risk-off action seen on the European equities while the investors remain worried about the impending Italian budget issues and the Brexit uncertainty.

On Wednesday, the Cable came under heavy selling pressure and fell from 1.2818 highs to multi-day lows of 1.2765 after the UK PM May said that there still some issues open on the draft Brexit agreement following her meeting with the European Commission President Juncker, leaving markets to scramble for more clarity.

Further, May is said to be returning on Saturday  for further meetings ahead of the  summit planned for Sunday with EU leaders. Meanwhile, the Spanish objections on the Brexit text on Gibraltar also remain unresolved, adding to further Brexit anxiety.

Looking ahead, the Brexit-related headlines will continue to drive the sentiment around the pound, as the economic calendar remains quiet today.

GBP/USD Technical Levels