GBP/USD around 1.2170 ahead of US data

The Sterling is posting meagre gains at the end of the week, with GBP/USD hovering over the 1.2170 region.

GBP/USD consolidates below 1.2200

The pair keeps the erratic performance so far this week, looking to stabilize above recent lows in the 1.2080 region although gains appear so far capped near earlier tops around 1.2330.

Despite better-than-expected results from the UK docket in past sessions - including auspicious GDP figures expected for the third quarter (Thursday) - spot has broken below the key barrier at 1.2200, remaining vulnerable to any ‘Brexit’-related headlines and the upbeat momentum around the greenback.

Nothing scheduled data-wise in the UK calendar today, whereas the advanced US GDP figures will take centre stage across the pond along with the final print of the Reuters/Michigan index for the month of October.

GBP/USD levels to consider

As of writing the pair is gaining 0.02% at 1.2165 facing the immediate support at 1.2086 (low Oct.11) followed by 1.1450 (low post-‘flash crash’ Oct.7). On the other hand, a break above 1.2327 (high Oct.18) would expose 1.2338 (20-day sma) and finally 1.2377 (high Oct.11).