GBP/USD assaulting daily highs near 1.2470
The generalized softer tone around the greenback is allowing GBP/USD to recover part of the ground lost in recent sessions, now trading close to session highs near 1.2470.
GBP/USD firmer on USD-selling
Spot gathered further traction on Thursday amidst a broad-based pick up in the risk-associated universe, as the recent Yellen-led rally in the buck seems to have run out of steam.
The hawkish tone from Chair Yellen at her testimony on Tuesday failed to extend the upbeat sentiment around USD on Wednesday’s testimony before the House Financial Services Committee, putting the greenback under further selling pressure.
GBP thus managed to regain the upper 1.2400s after bottoming out near 1.2380 in spite of disappointing results from UK’s inflation figures and an unconvincing jobs report.
Nothing scheduled data wise in the UK docket today, whereas Housing Starts, Building Permits and the Philly Fed manufacturing index are all due across the pond.
GBP/USD levels to consider
As of writing the pair is up 0.06% at 1.2469 facing the next resistance at 1.2572 (high Feb.7) ahead of 1.2680 (high Jan.26) and finally 1.2715 (high Feb.2). On the other hand, a breakdown of 1.2379 (low Feb.15) would aim for 1.2344 (low Feb.7) and finally 1.2250 (low Jan.19).