GBP/USD in a phase of consolidation in Thanksgiving holidays resting on 1.33

• GBP/USD back below Nov highs, consolidating on 1.33 handle. 
• GBP/USD trend modestly bullis.

GBP/USD remains in a phase of consolidation, currently, GBP/USD is trading at 1.3307, down -0.02% on the day, having posted a daily high at 1.3314 and low at 1.3304.

EUR/GBP: early bulls caught the worm in holiday markets

GBP/USD has been bid this week and bulls relished in the hawkish BoE members, testifying at the Treasury Select Committee, who added to the bullish flavour around the pound on Tuesday. Despite the Brexit concerns, all in all, the members reiterated the views from the latest BoE statement and are still seeing a modest tightening strategy as appropriate while rising energy prices would push the inflation higher in the short-term. 

No major releases ahead of the November PMI’s

"GBP is consolidating its recent rally following a run of seven consecutive daily gains capped by Wednesday’s 0.6% rally. The preliminary (2nd) release of Q3 GDP was in line with expectations, at 0.4% q/q. There are no major releases ahead of the November PMI’s scheduled for release in early December, and Brexit related-risks appear limited ahead of PM May’s meeting with EC President Juncker on December 4," explained analysts at Scotiabank.

GBP/USD levels

The analyst's technical view is that GBP is testing fresh one month highs in the mid-1.33s at levels last seen in mid-October. "Trend and momentum indicators are modestly bullish and short-term MA’s are providing confirmation. GBP appears set to break through the midpoint of its range from late September, and resistance limited ahead of the 1.3400-1.3420 are," the analysts at Scotiabank explained.