GBP/USD pulls back after UK Autumn Statement

GBP/USD retreated from daily highs and fell back into negative ground for the day following the release of the UK Autumn Statement.

Among remarks, Philip Hammond, Chancellor of the Exchequer, said in the Autumn Budget Statement that the UK has shown signs of resilience since the Brexit vote late in June, adding that the decision to leave the EU implies that the UK must take fiscal imbalances.

The pound weakened slightly and dropped below the 1.24 mark to a session low of 1.2360. At time of writing, GBP/USD is trading at 1.2370, down 0.35% on the day.

Meanwhile, US data showed durable goods orders rose by 4.8% in October, above the 1.5% rise expected.

GBP/USD levels to consider

In terms of technical levels, next supports are seen at 1.2360 (Nov 23 low), 1.2312 (Nov 21 low) and 1.2300 (Nov 18 low/psychological level). On the other hand, resistances line up at 1.2459 (10-day SMA), 1.2500 (psychological level) and 1.2529 (50-day SMA).