GBP/USD reverses a brief dip below 1.2400

The GBP/USD pair stalled its overnight recovery mode from multi-week lows and skid back below 1.24 handle in the Asian trades, before recovering some ground to climb back above the last.

The major is now struggling to take on the recovery above 1.24 handle as the US dollar continue to remain better bid versus its main rival amid Fed’s hawkishness. While the BOE failed to show any clear explicit tightening bias at its monetary policy decision, adding that interest rates could move in either direction next.

Amid a lack of first-tier fundamentals drivers from the UK docket today, the spot will continue to remain at the mercy of USD dynamics. While the US calendar offers housing data later on Friday.

GBPUSD looking for a daily close below 1.2500 - Scotiabank

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2445 (50-DMA), 1.2470 (Nov 23 high) and 1.2500 (round figure). While supports are seen at 1.2372 (3-week low) and 1.2357 (Nov 23 low) and below that at 1.2308 (Nov 21 low).