GBP/USD flat-lined around 1.2380, payrolls eyed

The GBP/USD pair witnessed a sharp retreat in the Asian trades, and now trades around a flat-line near daily lows in the European session, as the USD bulls consolidate before the next push higher.

GBP/USD remains below 1.2400

The cable continues to move back and forth in an extremely narrow so far this session, in absence of fresh fundamental drivers from the UK docket, and as investors eagerly await the US NFP data for fresh impetus on the USD price-action.

While subdued trading activity around the European indices also fails to provide any help to the higher-yielding currency GBP. All eyes remain focused on the US labor market report, with expectations of 175k job additions last month, when compared to November’s 178k.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2436 (2-week high), 1.2457 (50-DMA) and 1.2517 (100-DMA). While supports are seen at 1.2328 (5-DMA) and 1.2308 (10-DMA) and below that at 1.2267 (Dec 2 low).