GBP/USD struggles below the 1.23 handle ahead of FOMC minutes

Currently, GBP/USD is trading at 1.2275, up 0.34% on the day, having posted a daily high at 1.2298 and low at 1.2221.

GBP/USD has been struggled through the aforementioned highs ahead of the 1.23 handle while we await the FOMC minutes while the greenback has been broadly weaker across the board.

"We suspect the FOMC minutes may be less hawkish that the rate hike and dot plot would imply. As we have noted, the average estimate for Fed funds among the participants did not change as much as the median," explained analysts at Brown Brothers Harriman, adding, "Also, we are reminded that Yellen acknowledged in her press conference that some, but not all officials adjusted their forecasts for potential changes in fiscal policy."

US: December FOMC minutes have the potential to read relatively hawkish - TDS

GBP/USD levels

Spot is presently trading at 1.2275, and next resistance can be seen at 1.2284 (Hourly 100 SMA), 1.2288 (YTD High), 1.2296 (Daily Classic R1), 1.2298 (Daily High) and 1.2305 (Weekly Classic PP). Support below can be found at 1.2275 (Hourly 200 SMA), 1.2266 (Hourly 20 EMA), 1.2247 (Daily Classic PP), 1.2234 (YTD Low) and 1.2234 (Daily Open).