The Pound Sterling is virtually unchanged against the US Dollar in the mid-North American session, amid a scarce economic docket in the United Kingdom (UK) if not interrupted by Bank of England (BoE) member Megan Greene.
GBP/USD remains flat, influenced by BoE's Megan Greene remarks and multiple Fed officials emphasizing rate patience. US economic updates reveal a decrease in Jobless Claims and a surge in the Philadelphia Fed Index but a drop in home sales. Shift in rate cut expectations for the Fed impacts currency strength, with only two cuts now anticipated in 2024.
Although buyers had achieved to recover some ground, the latest four candles in the daily chart show that buying pressure is building near the 1.2480/90 area. If the pair dives below 1.2400, further losses remain. The next key support level would be the November 17 daily low at 1.2374, followed by the November 10 low at 1.2187. On the flip side, if buyers reclaim 1.2500, look for a recovery, but they must conquer the 200-day moving average at 1.2575.
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