GBP/USD flirts with highs near 1.2610 on UK trade data

Dhwani Mehta FXStreet

The GBP/USD pair picked-up significant strength last hours, with the upside further boosted by above estimates UK trade balance data.

The cable clinched fresh session tops at 1.2609 after shrinking trade deficit figures from the UK economy gave extra legs to the recovery in the pound versus the greenback.

While stalled USD buying amid retreat in the US treasury yields also added to the renewed uptick in the spot. With the UK data out of the way, focus now remains on the US consumer sentiment data, which will wrap up a fairly eventful week.

GBP/USD Levels to consider

In terms of technical levels, upside barriers are lined up at 1.2621 (10-DMA), 1.2645 (5-DMA) and 1.2679 (daily R1). While supports are seen at 1.2555 (Daily low) and 1.2524 (20-DMA) and below that at 1.2498 (Dec low).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Strongly Bearish	Oversold	High
1H	Bearish	Neutral	Low
4H	Bearish	Neutral	Shrinking
1D	Strongly Bearish	Neutral	Expanding
1W	Bullish	Neutral	Expanding
Updated Dec 8, 08:30 GMT

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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