GBP/USD clings to gains near 1.2600, session tops

The Sterling is now gathering some fresh traction, lifting GBP/USD to the area of daily highs closer to the 1.2600 handle.

GBP/USD finds support near 1.2550

The pair has managed to rebound from yesterday’s lows in the mid-1.2500s despite a generalized lack of clear direction in the global markets.

The greenback has rebounded sharply following the ECB meeting and the subsequent press conference by President Draghi on Thursday, hitting the risk-associated assets and dragging spot more than a cent lower from recent tops in the 1.2700 neighbourhood.

In the UK docket, Trade Balance figures are due later today, while the advanced Consumer Sentiment gauge by the Reuters/Michigan Index will be the only release across the pond. Consensus expects the index to improve a tad in December to 94.5.

GBP/USD levels to consider

As of writing the pair is gaining 0.07% at 1.2588 and a break above 1.2706 (high Dec.8) would aim for 1.2776 (high Dec.6) and finally 1.2862 (high Oct.4). On the flip side, the immediate support aligns at 1.2545 (low Dec.9) ahead of 1.2519 (20-day sma) and then 1.2477 (55-day sma).