GBP/USD rebounds to fresh highs at 1.2485, NFP eyed

The GBP/USD pair found renewed bids at the mid-point of 1.24 handle, and from there attempted a solid recovery back towards multi-week highs of 1.2494.

GBP/USD: 1.2500 eyed ahead of NFP

The cable reversed losses and jumped back on the bids on the back of fresh selling  seen in the US dollar across the board, as markets resort to repositioning heading into the US NFP report.

While the GBP bulls continue to cheer a slightly hawkish BOE decision and UK High Court ruling on Brexit, which reduced the chances of a ‘Hard Brexit’ landing.       

Next of note for the major remains the US employment data and BOE MPC member Forbes speech scheduled for release in the American session.

GBP/USD Levels to consider            

At 1.2475, the pair finds immediate resistances placed at 1.2494/1.2500 (multi-week highs/ round number), 1.2541 (daily R1) and 1.2626 (pre-flash crash highs). While supports are lined up at 1.2417 (daily pivot) and 1.2345 (5-DMA) and below that at 1.2272 (10-DMA).

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