GBP/USD picks up pace to 1.2500, daily peaks

The now softer tone around the buck is helping GBP/USD to advance to daily highs in the vicinity of the 1.2500 handle.

GBP/USD higher as USD corrects lower

The pair met increasing buying pressure as USD sellers have stepped in following fresh 13-year tops in the US Dollar Index (DXY) above the 102.00 handle recorded during overnight trade.

Adding to the upbeat tone around GBP, UK’s Mortgage Approvals tracked by BBA have increased by nearly 41K during last month, surpassing both expectations and September’s reading and adding to yesterday somewhat supportive tone from the Autumn Statement.

There are no further releases in the UK today, while US markets will remain closed in observance of the Thanksgiving Day holiday.

GBP/USD levels to consider

As of writing the pair is gaining 0.40% at 1.2489 facing the next hurdle at 1.2514 (high Nov.21) followed by 1.2586 (55-day sma) and then 1.2675 (high Nov.11). On the other hand, a breakdown of 1.2308 (low Nov.21) would open the door to 1.2297 (low Nov.18) and finally 1.2081 (low Oct.25).

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