GBP/USD clinches highs near 1.2460 post-data

GBP/USD has leapt to the area of session highs near 1.2460 following the UK releases today.

GBP/USD bid after data

The pair has rapidly climbed to the mid-1.2400s after upbeat results from the UK docket showed Mortgage Approvals rose 67.52K during October, BoE’s Consumer Credit rose nearly £1.62 billion during the same period, M4 Money Supply rose 1.1% on a yearly basis and Net Lending to Individuals rose 4.9 billion, all prints have come in above expectations

Spot has thus extended the rebound from recent lows in sub-1.2400 levels despite the generalized lack of direction in the global markets and the recovery of the US dollar.

Later in the NA session, the pair will remain under scrutiny in light of the release of US advanced Q3 GDP, Consumer Confidence tracked by the Conference Board, the S&P Case-Shiller index, PCE during Q3 and speeches by NY Fed W.Dudley (permanent voter, neutral) and J.Powell (permanent voter, neutral).

On the positioning side, GBP speculative net shorts have dropped to the lowest level since mid-September, while Open Interest stayed at 4-week lows during the week ended on November 22 according to the latest CFTC report, reflecting the better tone seen in GBP in past weeks.

GBP/USD levels to consider

As of writing the pair is advancing 0.27% at 1.2449 and a breakout of 1.2526 (55-day sma) would expose 1.2533 (high Nov.28) and then 1.2675 (high Nov.11). On the other hand, the next support is located at 1.2308 (low Nov.21) followed by 1.2297 (low Nov.18) and finally 1.2081 (low Oct.25).