GBP/USD eases from highs, near 1.2550
|After clinching session tops near 1.2570, GBP/USD has given away some pips and has returned to the mid-1.2500s ahead of the European open.
GBP/USD probing multi-day highs
The pair is looking to extend yesterday’s strong advance beyond the 1.2500 handle, or multi-day peaks, amidst a generalized lack of direction in the global markets and a tepid recovery of the greenback.
Cable is navigating within familiar range however, on its way to close the week with gains and consolidating the recent breakout of the 1.2500 limestone.
Nothing noteworthy from the UK docket this week, with USD-dynamics and the broader risk appetite trends acting as the exclusive drivers for the price action, relegating – albeit momentarily – Brexit developments to a secondary role.
Later in the session, US New Home Sales and the Consumer Sentiment gauge for the month of February are due in an otherwise calm data front.
GBP/USD levels to consider
As of writing the pair is losing 0.04% at 1.2552 and a break below 1.2505 (20-day sma) would aim for 1.2425 (low Feb.23) and finally 1.2379 (low Feb.15). On the upside, the next resistance lines up at 1.2571 (high Feb.24) ahead of 1.2585 (high Feb.9) and then 1.2680 (high Jan.26).
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