GBPUSD

H1:the GBP/USD remains on the defensive below 1.2450 ahead of UK Retail Sales data
The GBP/USD pair remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar as the strong US economic data and hawkish remarks from the Federal Reserve officials have triggered the speculation that the US central bank will delay interest rate cuts to September.

The GBP/USD daily chart shifted bearishly once the pair dived below the November 22, 2023, swing low of 1.2448, which exposed the 1.2400 mark. Although buyers had achieved to recover some ground, the latest four candles in the daily chart show that buying pressure is building near the 1.2480/90 area. If the pair dives below 1.2400, further losses remain. The next key support level would be the November 17 daily low at 1.2374, followed by the November 10 low at 1.2187.

On the flip side, if buyers reclaim 1.2500, look for a recovery, but they must conquer the 200-day moving average (DMA) at 1.2575.