GBP/USD rejected at 1.2500, comes down to test 50-DMA

The GBP/USD pair managed to reached 1.25 handle, however, quickly ran through fresh sellers at the last, now extending the retreat to hit fresh daily lows near 1.2460.

The cable came under fresh selling pressure amid resurgent demand for the US dollars versus its main competitors, as risk-off moods appear to have eased amid a recovery in the European equities and US treasury yields.

While fresh selling in the GBP/JPY cross also adds to the renewed downside in the GBP/USD pair, after the bulls failed once again to take the rate above 1.25  handle.

A dry-economic calendar and thin markets also keep the sentiment around the major largely subdued.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2500 (zero figure/ daily high), 1.2555 (10-DMA) and 1.2573 (20-DMA). While supports are seen at 1.2458/57 (daily low/ 50-DMA) and 1.2400 (round figure) and below that at 1.2357 (Nov 23 low).