GBP/USD firmer around 1.2360 ahead of data

Pablo Piovano FXStreet

The greenback has resumed its weekly downside at the end of the week, helping GBP/USD to climb further north of the 1.2300 barrier.

GBP/USD attention to UK data

The pair is advancing for the second consecutive session today, extending the bounce off Wednesday’s lows in the mid-1.2200s against a backdrop of a generalized selling bias surrounding the buck.

In the meantime, Brexit concerns appear somewhat alleviated after the speech by PM Theresa May earlier in the week, lending extra support to GBP and prompting investors to shift their focus on the upcoming ruling by the UK Parliament later in the month.

Looking ahead, UK’s Retail Sales are expected to have expanded at a monthly 0.2% in December, although all the attention will be on Trump’s inauguration and subsequent speech in the European afternoon.

Further events include the speeches by Philly Fed Patrick Harker (voter, hawkish) and San Francisco Fed John Williams (2018 voter, centrist).

GBP/USD levels to consider

As of writing the pair is gaining 0.07% at 1.2354 facing the next hurdle at 1.2415 (high Jan.17) ahead of 1.2437 (high Jan.6) and finally 1.2537 (100-day sma). On the downside, a break below 1.2250 (low Jan.18) would aim for 1.2014 (low Jan.17) and finally 1.1979 (low Jan.16).

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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