GBP/USD upside stalled just above 1.2500

The upside momentum in GBP/USD seems to have run oout of steam in the boundaries of 1.2500 the figure on Tuesday.

GBP/USD looks to data

The pair has retreated to the negative territory after testing multi-day highs in the 1.2510/15 band during overnight trade, as the demand for the greenback seems to be gathering traction ahead of the opening bell in the Old Continent.

Spot has gained more than two cents on Monday, climbing from the 1.2300 neighbourhood to levels above the 1.2500 handle amidst a renewed offered bias around the buck plus a significant drop in EUR/GBP.

Later in the session, UK’s Public Sector finances are due along with CBI’s Industrial Survey. Across the pond, Existing Home Sales for the month of October and the Richmond Manufacturing gauge are also due for release.

GBP/USD levels to consider

As of writing the pair is losing 0.07% at 1.2483 a breach of 1.2308 (low Nov.21) would open the door to 1.2297 (low Nov.18) and finally 1.2081 (low Oct.25). On the upside, the next hurdle lines up at 1.2514 (high Nov.21) followed by 1.2599 (55-day sma) and then 1.2675 (high Nov.11).