GBP/USD leaps to daily highs on upbeat PMI, 1.25 closer

The Sterling met extra buying pressure today following the release of Markit’s Services PMI, sending GBP/USD to fresh highs near 1.2490.

GBP/USD bid after data

Spot is advancing further on Wednesday after the key UK’s Services PMI has surprised markets to the upside in March, ticking higher to 55.0 vs. 53.5 initially forecasted.

The pair rose to the 1.2480 area in the wake of the release, adding to the rebound from yesterday’s lows in the 1.2420/15 band.

GBP/USD levels to consider

As of writing the pair is up 0.35% at 1.2485 facing the next hurdle at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) and finally 1.2562 (high Mar.31). On the other hand, a breakdown of 1.2395 (20-day sma) would expose 1.2375 (low Mar.29) and then 1.2362 (50% Fibo of the March up move).