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   “¢   Persistent Brexit uncertainties continue to undermine the British Pound.
   “¢   Intraday USD rebound quickly fizzles out after weaker US macro data.
   “¢   Focus remains on the upcoming release of the Nov. FOMC meeting minutes.

The GBP/USD pair trimmed a part of early steep losses and has managed to recover around 20-25 pips from the vicinity of mid-1.2700s.

After an early European session rebound, the US Dollar came under some renewed selling pressure and was seen as one of the key factors behind the pair’s modest rebound from intraday lows.  

Against the backdrop of the Fed Chair Jerome Powell’s dovish comments, the greenback was further weighed down by today’s softer than expected US macro data – core PCE price index and initial weekly jobless claims.

Meanwhile, slightly better than expected personal income/spending data helped partly offset the disappointing readings and eventually kept a lid on any meaningful up-move for the major, at least for the time being.

“Personal income and expenditures in October were better than analysts forecasts. Holiday spending should at least equal its historical average with good possibility for a strong selling season,” Joseph Trevisani, a senior market analyst at FXStreet commented on the data.

Moreover, traders also seemed reluctant to add to bearish USD positions and preferred to wait for today’s important release of the latest FOMC meeting minutes, due later during the US trading session.  Hence, it would be prudent to wait for a follow-through price-action before positioning for the pair’s near-term trajectory amid persistent Brexit uncertainties.  

Technical levels to watch

Any subsequent up-move is likely to confront some fresh supply near the 1.2800 handle, above which the pair is likely to aim towards challenging the 1.2850 supply zone. On the flip side, sustained weakness below the 1.2750-40 region now seems to drag the pair below monthly lows support, near the 1.2725 region, towards testing the 1.2700 round figure mark.