GBP/USD approaches 1.2300 post-UK data

The bid tone still prevails around the British Pound, now sending GBP/USD to fresh tops around 1.2280.

GBP/USD stronger post-data, looks to FOMC

The pair’s recovery remains well and sound today following mixed results from the UK docket.

In fact, UK’s Construction PMI surpassed estimates during December at 54.2, while Mortgage Approvals, BoE’s Consumer Credit and Net Lending to Individuals have all followed suit, adding to GBP daily strength.

Later in the NA session, FOMC minutes will keep the attention on the buck and could put the pair’s upside under pressure, as market consensus sees the Committee delivering a hawkish tone.

On the positioning side, GBP net shorts have been trimmed to the lowest level since early July during the week ended on December 27 according to the latest CFTC report, which can somewhat help Cable to limit the downside.

GBP/USD levels to consider

As of writing the pair is advancing 0.32% at 1.2279 and a break above 1.2308 (high Jan.3) would open the door to 1.2389 (high Dec.30) and finally 1.2412 (55-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).