GBP/USD soars to 8-week high near 1.2700 region

Haresh Menghani FXStreet

The GBP/USD pair maintained its strong bid tone and gained further traction after disappointing US weekly jobless claims data, lifting the pair to 8-week high level near 1.2700 region. The pair, however, has retraced from multi-week highs and is currently trading around 1.2660-65 region.

During early NA session, the pair caught fresh bids after the US Labor Department reported an unexpected rise in the number of individuals filing for unemployment related benefits. The disappointing reading provided an additional boost to the prevalent upbeat sentiment surrounding the major in wake of comments from UK Brexit Minister David Davis that revived hopes of a soft Brexit and lifted the British Pound across the board.

Traders on Thursday will also confront the release of US ISM manufacturing PMI, which is expected better previous month's reading of 51.9 and come-in at 52.2 for the month of November. Meanwhile, market participants would remain focused on Friday's monthly jobs report from the US, popularly known as NFP, in order to determine the next leg of directional move for the US Dollar and eventually drive the GBP/USD major.

Technical levels to watch

On a sustained move above 1.2700 handle, the pair is likely to build on to its strong up-move further towards 1.2760 (Oct. 6 high) ahead of 1.2800 round figure mark. On the downside, further retracement below 1.2650 level might now be bought into and hence, might limit further downslide near 1.2600 round figure mark.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2433

36% Bullish
36% Bearish
29% Sideways

Bias Neutral

1 Month

Avg Forecast 1.2409

24% Bullish
59% Bearish
18% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2293

5% Bullish
47% Bearish
47% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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