GBP/USD clings to gains around 1.2460 post-UK data

The British pound keeps the buoyant note on Wednesday, with GBP/USD navigating the middle of the range in the 1.2460/65 band.

GBP/USD paid little attention to data

Spot kept the composure today after UK labour market figures showed Claimant Count Change increased more than expected by 9.8K during October and the unemployment rate has ticked lower to 4.8% from 4.9% during the three months ended in September.

Further data saw Average Earnings Including/Excluding Bonus rising at an annualized 2.3% and 2.4%, respectively.

In the meantime, the pair is looking to consolidate at current levels after the recent rejection from tops below the 1.2700 handle seen last week, all amidst a swelling sentiment favouring the greenback.

Later in the session, MPC member J.Cunliffe will give a lecture at Manchesteer University. Across the pond, US Industrial and Manufacturing Production are due along with Capacity Utilization, the NAHB index and the DoE’s report on crude oil supplies. In addition, Philly Fed P.Harker (2017 voter, hawkish) is also due to speak.

GBP/USD levels to consider

As of writing the pair is gaining 0.08% at 1.2466 facing the next hurdle at 1.2675 (high Nov.11) followed by 1.2683 (55-day sma) and then 1.2796 (low Jul.6). On the flip side, a breach of 1.2378 (low Nov.15) would aim for 1.2352 (20-day sma) and finally 1.2349 (low Nov.9).

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