GBP/USD sellers await fresh catalysts amid Brexit optimism. Coronavirus concerns, dollar’s demand could cap the cable’s upside. Eyes BOE Bailey’s speech, US Jobless Claims and Powell’s testimony. GBP/USD looks to extend its overnight consolidation phase above 1.2700 into Europe, having faded the recovery momentum near 1.2775 region. The cable witnessed a good 100-pips price movement on Wednesday, initially falling to the lowest levels since July 23 at 1.2674, as investors fretted over the UK’s nascent economic recovery after Prime Minister (PM) Boris Johnson’s government announced activity restriction on Tuesday to contain the virus spread. Even so, the Kingdom reported 6,178 new infections, the biggest daily jump since May. Markets witnessed a turnaround in the second half of the day, as buyers returned alongside the renewed optimism on a post-Brexit transition trade deal after the European Union (EU) Chief Brexit Michel Barnier said, “We remain determined to strike a Brexit deal.” However, the bulls failed to sustain the upside as the Preliminary Markit PMIs showed a slower expansion in the business activity in the UK this month. Meanwhile, the US dollar continued to appreciate amid persistent demand for safe-havens, in the wake of rising virus concerns and tumbling US equities. In the day ahead, the UK CBI Distributive Trades Survey on realized sales will offer some cues to the pound traders. However, the Bank of England (BOE) Governor Andrew Bailey’s speech and US Jobless Claims will be the key highlights while Fed Chair Jerome Powell’s third day of testimony could also draw some attention. GBP/USD: Technical levels “The Doji candle has appeared following a notable sell-off from 1.3483 to 1.2675 and at the 200-day SMA support line. As such, it could be taken to represent seller exhaustion. That said, a bullish reversal would be confirmed if the pair ends Thursday above the Doji candle’s high of 1.2777. Alternatively, acceptance below the Doji’s low of 1.2675 would imply a continuation of the sell-off from 1.3483,” explains Omkar Godbole, Analyst at FXStreet. GBP/USD: Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cardano Price Analysis: ADA flashes buy signal in 12-hour chart FX Street 2 years GBP/USD sellers await fresh catalysts amid Brexit optimism. Coronavirus concerns, dollar’s demand could cap the cable’s upside. Eyes BOE Bailey’s speech, US Jobless Claims and Powell’s testimony. GBP/USD looks to extend its overnight consolidation phase above 1.2700 into Europe, having faded the recovery momentum near 1.2775 region. The cable witnessed a good 100-pips price movement on Wednesday, initially falling to the lowest levels since July 23 at 1.2674, as investors fretted over the UK’s nascent economic recovery after Prime Minister (PM) Boris Johnson’s government announced activity restriction on Tuesday to contain the virus spread. Even so, the Kingdom reported 6,178… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.