The cable picked-up some strength post-European and witnessed a renewed uptick to fresh seven-week tops of 1.2688, although maintains its upside consolidative mode ahead of the UK construction PMI data and BOE’s ‘Super Thursday’ events.

The major now extends its advance in a bid to regain 1.27 handle as markets expect upward revision to the inflation forecasts in the BOE Quarterly Inflation Report (QIR) due to be published along with the policy decision, which is widely expected to be a non-event.

The latest leg higher in the GBP/USD pair can be also attributed to a renewed bout of selling interest seen in the greenback versus its main rivals.

The immediate focus now remains on the UK construction PMI and BOE verdict for impetus on the GBP, while sterling will also get influenced by the Brexit white paper that will be published later today. BoE the big event today – Danske Bank

GBP/USD Levels to consider            

At 1.2688, the upside barriers are lined up at 1.2692 (7-week high), 1.2747 (Nov 27 high) and 1.2776 (Dec 4 high). While supports are aligned at 1.2629 (daily pivot) and 1.2600 (zero figure) and below that at 1.2583 (10-DMA).