GBP/USD: Downside opening up for a test of 1.2300?

The GBP/USD pair remains under pressure so far this session, having breached 1.24 handle once again, as the bears eye a break below Monday’s low for further downside.

GBP/USD: Risk-off weighs

The cable ran through fresh offers at 1.2420 region, and from there drifted lower to now trade just below 1.24 handle, with lower tops being made on the hourly sticks, suggesting more downside in-stored.

From a wider perspective, the GBP/USD pair extends its range-bound momentum and now consolidates near the lower bound of the range, aiming for a retest of mid-Nov lows reached near 1.23 handle.

Focus now remains on the US GDP figures for fresh momentum on the major, with downside favored amid expectations of a better GDP print, which is likely to seal in a Dec Fed rate hike.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2420 (daily high), 1.2445/49 (5 & 20-DMA) and 1.2504 (daily R1). While supports are seen at 1.2381 (50-DMA/ previous low) and 1.2357 (Nov 23 low) and below that at 1.2308 (Nov 21 low).

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