GBP/USD probing lows in the mid-1.2400s

The continuation of the bid tone around the greenback has pushed GBP/USD to the lower end of the daily range in the 1.2460/50 band.

GBP/USD lower on USD advance

The pair is extending its bearish note on Tuesday, losing ground for the fourth session in a row after Thursday’s tops above the key 1.2700 barrier.

The firm note around the US Dollar is allowing the current down move in the risk-associated space, with Cable opening the door to a potential test of last week’s lows around 1.2410.

GBP lost some upside feeling after the Bank of England stressed it is not in a rush to hike rates, and that the future move in rates could be in either direction. The BoE’s stance removed some tailwinds from the Sterling, which has been propped up by alleviated concerns of a ‘hard Brexit’ scenario, particularly following the last speech by PM Theresa May.

In the data space, UK’s house prices measured by Halifax are only due, while December’s trade balance figures and JOLTs Job Openings are expected across the pond.

GBP/USD levels to consider

As of writing the pair is losing 0.09% at 1.2458 facing the next support at 1.2423 (low Feb.6) followed by 1.2410 (low Jan.31) and finally 1.2250 (low Jan.19). On the upside, a breakout of 1.2680 (high Jan.26) would open the door to 1.2715 (high Feb.2) and then 1.2776 (high Dec.6).