GBP/USD: bearish bias below 1.2500

Currently, GBP/USD is trading at 1.2352, down -0.08% on the day, having posted a daily high at 1.2392 and low at 1.2324.

Broadbased Dollar rally to continue - BBH

GBP/USD is sideways in a narrow range on the 1.23 handle, consolidating the aggressive move by the bears after the FOMC meeting last week. Sterling had otherwise been making a strong come back in late October trade from below the 1.21 handle up to 1.2770. The greenback is back in the driving seat post Trump and the Fed and Brexit concerns are coming back to the foreground for 2017.

Brexit: exactly what it means is not clear - BBH

GBP/USD levels

With spot trading at 1.2353, the pair trades with a bearish bias below 1.2500( 4hr 200 sma) and the 4hr 20 SMA at 1.2403, we can see next resistance ahead at 1.2363 (Daily Open), 1.2363 (Monthly Low), 1.2363 (Weekly Low), 1.2365 (Daily Classic PP) and 1.2367 (Hourly 20 EMA). Support below can be found at 1.2329 (Weekly Classic S1), 1.2324 (Daily Low), 1.2312 (Yesterday's Low), 1.2311 (Daily Classic S1) and 1.2260 (Daily Classic S2).