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1.2645 Could be Key for GBP/USD Weekly Close

GBP
  • GBP/USD's creep higher since the CPI revisions release has been gradual, with the pair now showing just above the weekly high to trade the highest level since the bumper NFP release on Feb02.
  • 1.2645 could mark an important level for the weekly close, the 50% retracement for the downleg off the pre-NFP high. A close north of this level would prove constructive for the bounce off 1.2519 and comes just ahead of next week's key UK labour market and CPI data (due Tues & Weds respectively).
  • The grind higher off lows has been on minimal volumes, despite the surge in activity at 1330GMT/0830ET - total volumes remain 25% below average for this time of day, as has been the case for G10 FX across this week.
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