GBP/USD sidelined around 1.2450, UK GDP on sight

The British Pound is trading almost unchanged vs. the buck at the end of the week, prompting GBP/USD to prolong its consolidative stance around the mid-1.2400s.

GBP/USD focus on GDP figures

Nothing relevant around the pair so far this week, sidelining above the 1.2400 handle although with gains limited around the lows-1.2500s.

Absent news from the UK side, the dollar-dynamics remained an exclusive driver behind the pair’s price action in these past sessions, with market participants closely watching the potential Fed move by end of 2016 and the US political scenario.

Later in the session, advanced GDP figures are expected to show the UK economy has expanded 0.5% QoQ during the October-December period and 2.5% on a yearly basis.

Across the pond, Markit’s Services PMI is due along with Goods Trade Balance results for the month of October.

GBP/USD levels to consider

As of writing the pair is gaining 0.05% at 1.2454 facing the next hurdle at 1.2514 (high Nov.21) followed by 1.2570 (55-day sma) and then 1.2675 (high Nov.11). On the other hand, a breakdown of 1.2308 (low Nov.21) would open the door to 1.2297 (low Nov.18) and finally 1.2081 (low Oct.25).