GBP/USD bounces back above mid-1.2400s, US data and Fedspeaks on tap

Having once again failed to sustain its move above the key 1.25 psychological mark, the GBP/USD pair touched a fresh session low near 1.2435 region in the past hour. The pair, however, has managed to bounce off few pips and is currently navigating in the 1.2455-60 region. 

Spot ran through fresh offers after the final UK GDP print for the fourth quarter failed to impress the GBP bulls and remained unchanged to show quarterly growth of 0.7% q-o-q, with the annualized pace falling short of 2.0 estimated and coming-in at 1.9%. Meanwhile, a larger-than-expected drop in the current account deficit to £12.088 billion (vs. £16.00 billion expected) during the Oct.-Dec. quarter, down from previous quarter's £25.70 billion, helped limit further downslide.

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Meanwhile, a subdued greenback price-action, with the key US Dollar Index stuck in a narrow range just below mid-100.00s, has helped the pair to hold above 100-day SMA and previous swing lows in the 1.2400 neighborhood. 

Next on tap would be the US economic releases - Core PCE Price Index, Personal Income / Spending, Chicago PMI and Revised UoM Consumer Sentiment Index. Apart from the US macro data speeches by New York Fed President William Dudley and Minneapolis Fed President Neel Kashkari would also be looked upon for impetus during early NA session.

Technical levels to watch

Bears would be eyeing for a decisive break below 100-day SMA support near 1.2420 region, below which the pair now seems to break below the 1.2400 handle and head towards testing 1.2375-70 area ahead of 1.2350 support. 

On the upside, sustained move above 1.2500 mark, leading to a subsequent strength beyond 1.2520-25 resistance (yesterday's high), now seems to lift the pair beyond mid-1.2500s towards reclaiming the 1.26300 handle.