GBP/USD mildly weaker below 1.2350, US data in focus

The GBP/USD pair faded an intraday bullish spike to session high level of 1.2378 and drifted into negative territory for the fourth consecutive session.

Currently trading around 1.2340-45 region, having posted a session low at 1.2328, the pair extended its consolidative price action and remained capped below 50-day SMA, break-down confirmation support. The pair, however, has been able to hold its neck above 1.2300 handle as the US Dollar slipped farther from 14-year highs, primarily led by profit-taking ahead of important US macro releases. 

Today's US economic docket features the release of final Q3 GDP print, durable goods order, weekly jobless claims and the Fed's preferred inflation gauge - core PCE price index. 

In-line with expected numbers would add on to the hawkish Fed outlook, but is unlike to have a major impact on the major amid thin market liquidity conditions ahead of Christmas holidays. 

Technical levels to watch

Immediate downside support is seen at 1.2315-10 region, which if broken decisively is likely to accelerate the slide towards 1.2240-35 intermediate support, en-route 1.2200 round figure mark. On the upside, momentum back above 1.2360-65 area might provide a boost towards 1.2400 handle ahead of 50-day SMA important hurdle near 1.2420-25 region.