GBP/USD searching for catalysts around 1.2400

GBP/USD is back at square one on Thursday, after having fallen and recovered from levels sub-1.2400.

GBP/USD dropped to a low of 1.2384 amid broad USD strength, but managed to crawl back above the psychological level, with investors still digesting the victory of Donald Trump in US presidential elections. At time of writing, Cable was trading at 1.2420, just a few pips above its opening price.

There is no first-tier data scheduled for the rest of the session, leaving little source of inspiration for the pair. Initial jobless claims are due along with a couple of Fed members speeches.

GBP/USD technical levels

In terms of technical levels, next resistances are seen at 1.2545/56 (Nov 9 & 4 highs), 1.2600 (psychological level) and 1.2680 (50-day SMA). On the flip side, supports could be faced at 1.2352 (10-day SMA/Nov 9 low), 1.2205 (Nov 1 low) and 1.2081 (Oct 25 low).