GBP/USD weaker, resilient above 1.2400

The Sterling keeps showing signs of resilience above the 1.2400 handle vs. the greenback, with GBP/USD trading in a narrow range around 1.2430 for the time being.

GBP/USD supported near 1.2300

The pair is looking to consolidate around current levels, managing quite well to stick to the 1.2400 handle despite the generalized USD-strength.

There was no room for surprises at yesterday’s FOMC minutes, with the Committee clearly leaving the door open for a rate hike in December, noting at the same time that labour market conditions had improved ‘appreciably’.

GBP still remains under pressure, although it has managed to derive some support from the Autumn Statement on Wednesday, while potential stronger trade links with the US have been also collaborating with the buying interest seen lately.

Ahead in the day, BBA’s Mortgage Approvals is due ahead of tomorrow’s flash GDP figures for the third quarter.

GBP/USD levels to consider

As of writing the pair is losing 0.10% at 1.2426 a breach of 1.2308 (low Nov.21) would open the door to 1.2297 (low Nov.18) and finally 1.2081 (low Oct.25). On the upside, the next hurdle lines up at 1.2514 (high Nov.21) followed by 1.2585 (55-day sma) and then 1.2675 (high Nov.11).