GBP/USD keeps the red near 1.2300 on UK data

The British Pound remains entrenched in the negative ground on Wednesday, with GBP/USD navigating the area around 1.2300 the figure.

GBP/USD offered post-UK releases

Spot kept the composure after UK’s Claimant Count Change dropped by 10.1K vs. 3.7K forecasted, while the unemployment rate stayed put at 4.8% and Average Earnings including Bonus rose at an annualized 2.8% in November.

Recall that the pair has surged more than three cents on Tuesday following the speech by UK’s PM Theresa May, who called for a more united UK and hoped to maintain strong ties with the European Union. May also stressed that the Parliament will get to vote on her plans on a ‘clean Brexit’, somewhat alleviating concerns over the matter and thus boosting GBP.

Further data in the UK calendar will include Retail Sales, due on Friday. Later today and in the US economy, inflation figures tracked by the CPI will take centre stage followed by Industrial/Manufacturing Production, the NAHB index and the Fed’s Beige Book.

Additionally, Dallas Fed Robert Kaplan (voter, hawkish), Minneapolis Fed Neil Kashkari (voter, centrist) and Chairwoman Janet Yellen are due to speak later in the day.

GBP/USD levels to consider

As of writing the pair is retreating 0.66% at 1.2328 and a break below 1.2260 (20-day sma) would aim for 1.2014 (low Jan.17) and finally 1.1979 (low Jan.16). On the other hand, the next resistance aligns at 1.2415 (high Jan.17) ahead of 1.2437 (high Jan.6) and finally 1.2557 (100-day sma).