GBP/USD backs away from 1.2500

GBP/USD backed away from the 1.2500 level once again on Thursday,extending the consolidation pattern seen in the pair over the last days.

GBP/USD reached a daily peak of 1.2493 during the European session and turned lower in tandem with a broader USD recovery across the board. Cable retraced most of its intraday gains and it was last trading at 1.2447, still up 0.11% on the day.

Liquidity is expected to remain thin as US markets are closed in observance of the Thanksgiving Day. In this context, trading might remain subdued although movements could be exaggerated.

GBP/USD technical levels

In terms of technical levels, next supports are seen at 1.2359 (Nov 23 low), 1.2312 (Nov 21 low) and 1.2300 (Nov 18 low/psychological level). On the other hand, resistances line up at 1.2500 (psychological level), 1.2515 (50-day SMA) and 1.2591 (Nov 14 high).

To learn more about this topic, check our video analysis:

GBPUSD from Tip TV Productions on Vimeo.