GBP/USD stuck in the mid-1.2400s ahead of PMI

The British Pound stays almost unchanged vs. the greenback on Wednesday, taking GBP/USD to the 1.2450 region ahead of the opening bell in Euroland.

GBP/USD looks to PMI

Cable is struggling for direction after losing ground for two consecutive sessions, although it seems to have found decent support around weekly lows near 1.2420 for the time being.

Absent news from the Brexit front, the broad risk appetite trends and USD-dynamics remain poised to drive the pair’s price action in the next sessions. Today’s release of UK’s Services PMI would surely collaborate with some volatility around GBP, as market consensus expects a small improvement for the month of March.

In the US docket, the ADP report and the ISM Non-manufacturing will be the salient events later today.

GBP/USD levels to consider

As of writing the pair is up 0.04% at 1.2446 facing the next hurdle at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) and finally 1.2562 (high Mar.31). On the other hand, a breakdown of 1.2395 (20-day sma) would expose 1.2375 (low Mar.29) and then 1.2362 (50% Fibo of the March up move).