GBP/USD pares intraday losses, down a little around 1.2420 ahead of US PMIs

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• GBP/USD comes under some selling pressure on Friday, albeit the fall lacks bearish conviction.
• The disappointing UK Retail Sales data, mixed UK PMIs undermine the GBP and exert pressure.
• Retreating US bond yields keeps a lid on the intraday USD uptick and lends support to the pair.

The GBP/USD pair stalls its intraday decline near the 1.2375 region and recovers over 40 pips from a three-day low touched earlier this Friday. Spot prices, however, keep the red through the early North American session and currently trade around the 1.2415-1.2420 area, still down nearly 0.20% for the day.