GBP/USD flirts with highs near 1.2610 on UK trade data

The GBP/USD pair picked-up significant strength last hours, with the upside further boosted by above estimates UK trade balance data.

The cable clinched fresh session tops at 1.2609 after shrinking trade deficit figures from the UK economy gave extra legs to the recovery in the pound versus the greenback.

While stalled USD buying amid retreat in the US treasury yields also added to the renewed uptick in the spot. With the UK data out of the way, focus now remains on the US consumer sentiment data, which will wrap up a fairly eventful week.

GBP/USD Levels to consider            

In terms of technical levels, upside barriers are lined up at 1.2621 (10-DMA), 1.2645 (5-DMA) and 1.2679 (daily R1). While supports are seen at 1.2555 (Daily low) and 1.2524 (20-DMA) and below that at 1.2498 (Dec low).