GBP/USD still below the 1.25 level on the Daily Chart

gbp-l3GBP/USD (current price: 1.2445)    

The Pound finished the session close to its opening rate against the Dollar on Wednesday. Cable drifted slightly lower in the second half of the day, but volatility remained low compared to the other majors. The second estimate of the British Quarterly GDP was slightly better than expected, while Business Investments provided a negative surprise in January. U.S. Existing Home Sales were well above the expected level, giving a boost to the Dollar. The slightly dovish FOMC Meeting Minutes weighed on the USD towards the end of the session.

Our assessment: The pair has been drifting lower so far in February while staying close to the 1.25 level. The long-term trend remains neutral with strong support at 1.23.

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