GBP/USD clings to 1.2700

GBP/USD continues to consolidate around the 1.27 mark, after hitting a 2-month peak during the European session. 

GBP/USD filled the bearish weekly opening gap, and climbed to its highest level since early October at 1.2743 before losing momentum and entering a sideways phase. Data from the UK helped to underpin Cable, alongside with better market sentiment.

The UK Markit services PMI came in at 55.2 in November, following October's 54.4. Meanwhile, in the US, Markit services PMU came in at 54.6 versus 54.9 expected while the ISM gauge rose to 57.2 in November from 54.8 the previous month. 

GBP/USD failed to gather fresh momentum either side of the board and it has spent the last hours in a range near highs.

GBP/USD levels to consider

In terms of technical levels, immediate resistances are seen at 1.2743 (Dec 5 high), 1.2797 (100-day SMA) and 1.2859 (Oct 4 high). On the other hand, supports could be found at 1.2624 (Dec 5 low), 1.2569 (Dec 2 low) and 1.2518 (10-day SMA).

To learn more about this topic, check our video analysis:

GBPUSD from Tip TV Productions on Vimeo.