GBP/USD off highs, back around 1.2530

The Sterling is now losing part of its initial shine, dragging GBP/USD back to the 1.2535/30 band early in the European morning.

GBP/USD looks to US data

After testing daily highs near 1.2550 earlier in the Asian session, Cable is now giving away some pips and situating near 1.2530 against the backdrop of very low volatility as many markets stay close due to Easter Monday holiday.

Anyway, spot is managing well to keep the trade above the recently regained 1.2500 handle, always on the back of a softer US Dollar while the UK calendar and domestic news remain steady. The next relevant publication in the UK will be Friday’s Retail Sales for the month of March.

On the positioning front, GBP stays under pressure as speculative net shorts have climbed to 3-week highs during the week ended on April 11, according to the latest CFTC report.

GBP/USD levels to consider

As of writing the pair is up 0.09% at 1.2536 and a breakout of 1.2575 (high Apr.13) would aim for 1.2618 (high Mar.27) and then 1.2627 (200-day sma). On the fllip side, the next support lines up at 1.2484 (20-day sma) followed by 1.2477 (low Apr.12) and finally 1.2429 (55-day sma).