GBP/USD off highs, back near 1.2270 on PMI

The British Pound keeps the buoyancy intact on Wednesday, with GBP/USD now returning to the 1.2270/65 band after hitting fresh tops above 1.2280.

GBP/USD now looks to US data

The pair remains on a constructive bias so far today after UK’s Construction PMI has surpassed expectations during October, rising to 52.6 vs. 51.8 initially estimated.

In the meantime, spot clinched fresh multi-day tops above 1.2280 earlier in the European morning, always propped up by the continuation of the selling pressure around the greenback.

Later in the NA session, the US ADP report is expected to come in at 165K for the month of October, while the FOMC meeting should deliver a somewhat hawkish statement according to prior surveys.

GBP/USD levels to consider

As of writing the pair is gaining 0.23% at 1.2271 facing the next resistance at 1.2285 (high Nov.2) followed by 1.2327 (high Oct.18) and finally 1.2377 (high Oct.11). On the other hand, a breach of 1.2086 (low Oct.11) would open the door for a test of 1.1450 (low post-‘flash crash’ Oct.7).