GBP/USD consolidates near 1-1/2 month tops ahead of UK GDP

The bulls take a breather after a steady rise seen overnight, sending GBP/USD slightly away from fresh six-week highs reached at 1.2663 in the last hour.

The pound extended its ongoing bullish momentum into Asia and clinches a new multi-week high after Bloomberg reported that the UK PM Theresa May will publish the bill to trigger Brexit in a first reading later on Thursday.

The immediate focus now remains on the UK preliminary estimate of the fourth quarter GDP, which is widely expected to come in a tad weaker last quarter. While Brexit Secretary David Davis’ speech may also remain in focus, as he speaks in Parliament later today.

GBP/USD Levels to consider            

At 1.2595, upside barriers are lined up at 1.2686 (daily R1), 1.2697 (Dec 1 high) and 1.2721 (Dec 14 high). While supports are aligned at 1.2588 (daily pivot) and 1.2546 (5-DMA) and below that at 1.2500 (round number).