GBP/USD mildly positive above 1.2450 level, US data ahead

The GBP/USD pair gained some traction during early European session and broke through Asian trading range, to touch a fresh session peak level of 1.2482. The pair, however, quickly trimmed some of its gains and retreated back to 1.2460-65 band amid subdued trading action on Thursday. 

After yesterday's failed attempt to conquer 1.2500 psychological mark, and subsequent reversal, the pair managed to bounce off 100-day SMA support against the backdrop of less hawkish FOMC meeting minutes, which failed to provide any solid clues over the timing for next Fed rate-hike action. 

Looking at the broader perspective, the pair extended its near-term consolidative move within the 100-pips broader trading range between the 1.25-1.24 level. An empty UK economic docket further collaborated to the pair's struggle for a firm near-term direction and a range bound, directionless price action.

Later during NA session, the US economic docket featuring the release of weekly jobless claims and, speeches from Atlanta Fed President Dennis Lockhart and Dallas Fed President Robert Kaplan, would be looked upon for some short-term trading impetus.

Technical levels to watch

On a sustained move back above 1.2480 level, the pair is likely to aim back towards conquering 1.2500 psychological mark above which a fresh bout of short-covering has the potential to lift it further towards 1.2545-50 intermediate resistance ahead of 1.2580 hurdle (Feb. 9 high).

Meanwhile on the downside, 1.2415-10 region (100-day SMA) might continue to act as immediate support below which the pair seems to accelerate the slide towards 1.2385-80 intermediate support before eventually dropping to test 1.2350-45 support area.