GBP/USD pushes higher to 1.2360 ahead of PMI

The British Pound is following the rest of the risk-associated peers on Thursday, lifting GBP/USD to daily highs around 1.2360.

GBP/USD focus on PMI

The continuation of the selling bias around the greenback has prompted spot to extend its weekly advance well above the 1.2300 barrier today.

In fact, yesterday’s FOMC minutes have come in on the hawkish side as expected, although they failed to give the USD-rally extra wings. Governors showed ‘considerable uncertainty’ regarding the potential implications on the economy of the policies under Trump’s administration, weighing on US yields and the buck.

Data wise in the UK, the always-relevant Services PMI is expected to have eased to 54.7 during December from 55.2, while US ADP report and the ISM Non-manufacturing will take centre stage later in the NA session.

GBP/USD levels to consider

As of writing the pair is advancing 0.31% at 1.2360 and a break above 1.2389 (high Dec.30) would aim for 1.2415 (55-day sma) and then 1.2369 (100-day sma). On the other hand, the immediate support aligns at 1.2198 (low Jan.3) ahead of 1.2112 (low Oct.28) and then 1.2081 (low Oct.25).