GBP/USD hits fresh highs above 1.2500 despite US data

GBP/USD bounced from 1.2450 and jumped above 1.2500. The pair printed a fresh daily high at 1.2522 and approached Monday highs located at 1.2530. It continues to move sideways with a slightly bullish bias. 

Cable is up more than a hundred pips so far on Tuesday, despite the better-than-expected 3Q GDP reading and consumer confidence data from the US. Greenback weakened in the market during the American session and boosted the GBP/USD. 

US GDP points to strong growth in Q3

Key levels

The pair is hovering around 1.2500 as it continues to face resistance around 1.2500 - 1.2530. Since November 15, that area is offering resistance. A clear break and a consolidation on top, could open the doors to more gains with a potential immediate target at 1.2560; above the next resistance levels are seen at 1.2600 and 1.2670 (Nov 11 high). 

If it fails to hold above 1.2500, a correction toward 1.2440 (20 and 200-MA in 4-hour charts) seems probable. Below the next key support area is 1.2385 (Nov 28 & 29 low); a break lower would expose 1.2300.