GBP/USD remains capped at 1.25 handle, UK GDP and Fed minutes eyed

The GBP/USD pair continue with its struggle to decisively break through 1.2500 psychological mark, albeit has held in positive territory for the third consecutive session.

Currently trading around 1.2485 region, the pair has showed a high degree of resilience against resurgent greenback buying interest and continues to find fresh buying interest near the 1.2400 region. 

Even from the technical perspective, the pair has broken through a short-term symmetrical triangular formation and seems poised to extend its near-term appreciating move. Traders, however, seem to await the release of revised UK GDP growth number for additional traction. 

Meanwhile, resurgent greenback buying interest, with the key US Dollar Index hitting multi-week highs, might hinder further upside for the major.

Later during the day, minutes from the latest FOMC meeting would be looked upon for additional clarity over the US central bank's near-term monetary policy outlook and gauge possibilities of a rate-hike action at the upcoming meeting in March, which would eventually provide fresh impetus for the pair's near-term direction.

Technical levels to watch

Momentum above 1.2500 mark could get extended towards 1.2525-30 region above which the pair seem all set to head towards 1.2565-70 intermediate resistance (Feb. 9 high) ahead of 1.2600 round figure mark.

On the downside, 1.2485-80 area (symmetrical triangle resistance break-point) now seems to protect immediate downside, which if broken could accelerate the slide towards 1.2455-50 horizontal support, before eventually dropping back to 1.2400 handle.