GBP/USD weaker below 1.2400, up next UK Autumn statement

The GBP/USD pair maintained its offered tone for the second straight session, albeit has managed to bounce off nearly 30-pips from session low.

Currently trading around 1.2395 region, the pair failed to defend 1.2400 handle (coinciding with 20-day SMA support) amid renewed greenback buying interest. Further downslide, however, was limited just above weekly opening level as the US Dollar turned flat as investors seek further clarity over the Fed's near-term monetary policy outlook beyond December meeting. Hence, today's FOMC meeting minutes will play a key role in driving investor expectations and near-term movement for the greenback ahead of next week's monthly jobs report (NFP).

Next on tap would be UK government's first "Autumn Forecast Statement" on the state of the economy after the historic Brexit vote. The keenly anticipated Autumn Statement in the Parliament by UK Chancellor Philip Hammond. 

Also in focus would be US economic docket featuring the release of durable goods orders, weekly jobless claims, new home sales, and consumer sentiment index, and would be looked upon for some impetus during NA session.

Technical levels to watch

On a sustained weakness below session low support near 1.2370 region the pair is likely to accelerate the slide immediately towards weekly lows support near 1.2315-10 region, which if broken would open room for resumption of the pair's downward trajectory in the near-term. On the upside, recovery momentum above session high resistance near 1.2420-25 region could get extended beyond 1.2500 psychological mark towards weekly high resistance near 1.2515 en-route 50-day SMA hurdle near 1.2530 region.

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