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  • Hopes of changes to Irish border backstop and Brexit delay keeps the GBP underpinned.
  • UK construction PMI contracts for the first time in eleven months.
  • USD comeback amid renewed risk-aversion wave to cap the upside?

The  GBP/USD  pair broke its Asian consolidative phase to the upside and regained the 1.3250 barrier briefly to hit daily tops at 1.3255, as the GBP bulls remained boosted by the growing expectations of a delayed Brexit while the latest comments by the UK and Irish ministers to change the Irish border backstop also added to buoyant tone around the Cable.

Amidst Brexit optimism, markets are seen weighing in the disappointing UK construction sector activity report that showed the PMI slipping to 49.5 fothe r first time in eleven months in February.

Meanwhile, the bulls also appear to lack follow-through amid a solid comeback staged by the US dollar across its main competitors after a risk-off wave gripped the European markets on NY Times report that Huawei is preparing to sue the US government.

Looking ahead, the spot will remain at the mercy of the Brexit headlines and USD dynamics amid a lack of significant macro news from the US docket later on Monday.

GBP/USD Technical levels to watch

       Today Last Price:  1.3243
       Today Daily change:  40  pips
       Today Daily change %:  0.30%
       Today Daily Open:  1.3203
       Daily SMA20:  1.3019
       Daily SMA50:  1.2927
       Daily SMA100:  1.2882
       Daily SMA200:  1.2991
       Previous Daily High:  1.3287
       Previous Daily Low:  1.3171
       Previous Weekly High:  1.3351
       Previous Weekly Low:  1.3051
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.3215
       Daily Fibonacci 61.8%:  1.3242
       Daily Pivot Point S1:  1.3154
       Daily Pivot Point S2:  1.3105
       Daily Pivot Point S3:  1.3038
       Daily Pivot Point R1:  1.3269
       Daily Pivot Point R2:  1.3336
       Daily Pivot Point R3:  1.3385