GBP/USD upside halted ahead of 1.2500

The upside momentum around the Sterling seems to have run out of steam just ahead of the 1.2500 handle vs. the greenback, with GBP/USD now receding to the area of 1.2480 ahead of the European open.

GBP/USD looks to UK data

Spot keeps the weekly upside intact despite the current small pullback, extending the bounce of recent lows in he 1.2370/60 band backed by the soft start of the week by the US Dollar.

Looking ahead, the UK’s labour market report is due later, with consensus seeing the unemployment rate to stay unchanged at 4.7% in February and the Claimant Count Change to drop by 3K during March.

In the meantime, GBP – and the rest of the risk-associated universe - stays under pressure amidst the broad risk-off sentiment in response to heightened geopolitical concerns.

On the US data front, Export/Import Prices are due along with the speech by Dallas Fed R.Kaplan (voter, hawkish).

GBP/USD levels to consider

As of writing the pair is down 0.06% at 1.2483 and a breakdown of 1.2458 (20-day sma) would expose 1.2419 (100-day sma) and finally 1.2401 (low Apr.11). On the upside, the next resistance aligns at 1.2508 (high Apr.6) followed by 1.2562 (high Mar.31) and then 1.2633 (200-day sma).