GBP/USD eases from highs, near 1.2550

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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