GBP/USD stuck in a range, above 1.2600 mark ahead of US GDP

   •  Several UK lawmakers reject a no-deal Brexit but fail to impress the GBP bulls.
   •  A subdued USD price action also does little to provide any meaningful impetus.
   •  Thursday's key focus will remain on the revised US Q1 GDP growth figures.

The GBP/USD pair struggled to register any meaningful recovery, albeit has managed to hold its neck comfortably above the 1.2600 round figure mark. 

The pair lacked any firm directional bias and was seen oscillating in a narrow trading band through the mid-European session on Thursday, halting the latest leg of a decline witnessed since the beginning of this week. 

Several high profile UK politicians have expressed their discomfort in leaving without a deal and was seen as one of the key factors lending some support, though the fact that Brexit impasse remains seemed to cap any meaningful up-move.

Meanwhile, a subdued US Dollar price action, despite a solid rebound in the US Treasury bond yields, also did little to provide any impetus and further contributed to the subdued/range-bound price action on Thursday. 

Investors also seemed cautions ahead of the revised US Q1 GDP growth figures, which will provide fresh clues over the health of the world's largest economic and eventually drive the near-term sentiment surrounding the greenback.

As Yohay Elam, FXStreet's own Analyst explains: “The revised report for the first quarter is set to show a minor downgrade of growth – from 3.2% to 3.1% annualized. Markets were sceptic about the first publication as the rapid expansion came on top of weak inflation – a worrying sign.”

Technical levels to watch

Yohay further offers important technical levels and writes: “The recent four-month low of 1.2605 is a critical level to watch. The next support line is only at 1.2540 which was a swing low in December. Further down, 1.2445 which was the flash crash low in January.”

“Cable is battling 1.2640 which capped it in the past few hours. Resistance awaits at 1.2685 that the initial sub-1.2700 low last week. It is followed by 1.2700 that was a swing high and 1.2750 which was the peak of a recovery attempt,” he added further.