GBP/USD off highs, drops toward 1.2450

The pound is among the worst performers in the currency market on Thursday, together with the US dollar. Cable is trading marginally higher for the day, but it moved significantly off daily highs. 

GBP/USD was unable to benefit from a weak US dollar. It peaked during the European session at 1.2522 but then pulled back below 1.2500 and recently fell to 1.2457. It was trading at 1.2470/80. 

According to some media reports, UK Prime Minister, Theresa May, is likely to trigger the Article 50, that would start the negotiation of Brexit, around March 9, near the European Union Summit. 

Technical levels 

To the upside, resistance levels might be seen at 1.2480 (Feb 15 high), 1.2520/25 (daily high) and 1.2545 (Feb 14 high). On the opposite direction, support might lie at 1.2450 (daily low), 1.2435 and 1.2380 (Feb 15 low).