GBP/USD through 1.2500 on upbeat data

The British Pound is now accelerating its upside on Thursday, pushing GBP/USD to fresh tops above the 1.2500 handle.

GBP/USD boosted by data

The pair met extra buying pressure after UK Retail Sales have surprised to the upside during October, jumping at a monthly 1.9% while sales excluding the Fuel component rose 2.0% inter-month.

Spot is thus advancing for the first time after three consecutive daily pullbacks and is now looking to retake the 1.2500 handle and beyond amidst a generalized offered bias around the buck.

On the US data front, inflation figures tracked by the CPI will grab all the attention, seconded by Housing Starts, Building Permits, the Philly Fed index and the weekly report on the labour market.

In addition, Fed speakers including New York Fed W.Dudley (permanent voter, neutral), L.Brainard (permanent voter, dovish), Chicago Fed C.Evans (2017 voter, dovish) and the testimony by Chair J.Yellen on the ‘Economic Outlook’ before the Joint Economic Committee of Congress should keep the focus on the buck.

GBP/USD levels to consider

As of writing the pair is advancing 0.50% at 1.2505 facing the next resistance at 1.2668 (55-day sma) followed by 1.2675 (high Nov.11) and then 1.2875 (100-day sma). On the other hand, a breach of 1.2378 (low Nov.15) would aim for 1.2360 (20-day sma) and finally 1.2349 (low Nov.9).

To learn more about this topic, check our video analysis: