GBP/USD retreats from highs, back below 1.2500

The greenback remains deep into the negative territory on Wednesday, taking GBP/USD back to the 1.2480 region.

GBP/USD firmer as Trump maintains the lead

The pair is advancing more than 1% backed by the increasing weakness surrounding the US Dollar in response to the prospects of Republican candidate D.Trump becoming the new US President.

At the moment, H.Clinton holds 215 electoral votes vs. 244 from D.Trump, while Republicans won the Senate.

In the meantime, unease keeps ruling the sentiment for the time being, with markets in the Old Continent expected to open with strong losses.

GBP/USD levels to consider

As of writing the pair is up 0.80% at 1.2483 facing the next resistance at 1.2559 (high Nov.4) followed by 1.2741 (55-day sma) and then 1.2945 (100-day sma). On the other hand, a break below 1.2288 (20-day sma) would open the door to 1.2086 (low Oct.11) and finally 1.1450 (low post-‘flash crash’ Oct.7).