The attempted intraday US Dollar recovery from over a five-month low lacks bullish conviction amid bets that thewill slow the pace of its policy tightening as soon as in December. This, in turn, is seen as a key factor lending support to the GBP/USD pair. That said, a bleak outlook for the UK economy acts as a headwind for theFrom a technical perspective, the top end of over a two-month-old upward-sloping channel, currently around mid-1.2300s, continues to cap the upside for the GBP/USD pair.
In the meantime, the daily low, around the 1.2235-1.2230 region, now seems to protect the immediate downside ahead of the 1.2200 round-figure mark. Any subsequent decline could still be seen as a buying opportunity and remain limited near the 1.2150 region . The latter should act as a pivotal point, which if broken decisively will negate the positive
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