GBP/USD climbs further above 1.2500 during the NY session

GBP/USD extended its recovery from below 1.24 and turned positive for the day, with the pound among the best performers against a strong US dollar.

GBP/USD has risen more than 150 pips from lows and reached a peak of 1.2540 in recent dealings. There were no clear catalysts for the move with no first-tier data and no Brexit headlines to blame. At time of writing, GBP/USD is trading at 1.2528, up 1.0% on the day.

On the data front, US initial jobless claims declined by 11,000 in the week ended Nov 4 to a seasonally adjusted 254,000.This reading was the lowest level in four weeks and came in below the 260,000 new claims expected by analysts.

GBP/USD levels to consider

In terms of technical levels, next resistances are seen at 1.2545/56 (Nov 9 & 4 highs), 1.2600 (psychological level) and 1.2680 (50-day SMA). On the flip side, supports could be faced at 1.2352 (10-day SMA/Nov 9 low), 1.2205 (Nov 1 low) and 1.2081 (Oct 25 low).