The GBP/USD pair is struggling to build on the recovery momentum and remained capped below Monday's high resistance near 1.2250 region.
Currently trading around 1.2225 level, the pair remained near multi-decade lows as concerns of 'hard Brexit' continued undermining the British Pound. Meanwhile, increasing prospects of an eventual Fed rate-hike action in December is supporting the prevalent bullish sentiment around the greenback and restricting any swift recovery for the pair.
Later during US session, BoE Governor Mark Carney will testify about the economic consequences of the historic Brexit Vote before the House of Lords Economic Affairs Committee and is likely to trigger a fresh bout of volatility around the major.
In the meantime, US economic docket featuring the release of Conference Board's consumer confidence might provide short-term trading opportunities during NA session.
From technical perspective, the pair has failed to register any meaningful recovery from a short-term ascending trend-channel support and has been consolidating the recent downslide. Moreover, short-term technical indicators have turned neutral, pointing to near-term range-bounce trading action before the next leg of move in either direction.
Immediate upside resistance is pegged near 1.2250 level (yesterday's high) above which the pair is likely to surpass 1.2300 handle and aim towards 1.2330 strong horizontal resistance. On the downside, 1.2200 handle remains immediate support to defend, which if broken is likely to accelerate the slide towards 1.2170 horizontal support before the pair slides further towards 1.2135-30 support.