GBP/USD leaps to 1.2570, session tops

A bout of USD weakness has prompted GBP/USD to quickly test the proximity of 1.2570, fresh daily highs.

GBP/USD eyes on Brexit, boosted by USD-selling

The renewed and quite strong offered bias around the greenback is helping Cable to regain the upper 1.2500s, currently testing session peaks around 1.2570.

GBP remains on a solid footing so far this week, sending the pair to its third consecutive day with gains and extending the bounce of weekly lows in the vicinity of 1.2340 (Tuesday).

The Sterling was boosted overnight after the House of Commons passed the Brexit bill without changes (MPs voted 494 to 122), allowing PM Theresa May to start negotiations to leave the European Union under her terms.

Nothing in the UK calendar today, with only Governor M.Carney expected to speak in the European evening, although it is unlikely to address monetary policy. In the US, the weekly report on the US labour market and speeches by St. Louis Fed J.Bullard (2019 voter, neutral) and Chicago Fed C.Evans (voter, dovish) are also due.

GBP/USD levels to consider

As of writing the pair is up 0.17% at 1.2561 and a breakout of 1.2572 (high Feb.7) would open the door to 1.2680 (high Jan.26) and finally 1.2715 (high Feb.2). On the flip side, the immediate support aligns at 1.2464 (20-day sma) followed by 1.2433 (55-day sma) and finally 1.2344 (low Feb.7).