GBP/USD: Failing to sustain above the 1.2400 mark

GBP/USD gained some positive traction for the second straight session on Wednesday while a slew of important UK macro data failed to impress bulls or provide any meaningful impetus, FXStreet’s analyst Haresh Menghani briefs.

Key quotes

“A slew of important UK macro data did little to impress bullish traders or assist the pair to capitalize on its positive move witnessed over the past two trading session. The market focus now shifts to the US economic docket, which highlights the release of initial weekly jobless claims.”

“A sustained strength above the 1.2420 supply zone might prompt some near-term short-covering move and accelerate the momentum towards the next major hurdle near the 1.2475-80 region.”

“On the flip side, immediate support is now pegged near the 1.2330-25 region and is closely followed by the 1.2300 round-figure mark.”