GBP/USD eyes UK services PMI, Supreme Court ruling

After the two way action in the early Asia on Italian referendum, the GBP/USD is now trading flat on the day around 1.2680.

The UK Supreme Court will hear government’s appeal against high court ruling on Brexit. Though the final verdict is due next year, the live broadcast could be closely watched out by the GBP traders.

The GBP/USD pair could also take cues from the UK services PMI report, which is expected to show the pace of expansion in the activity slowed slightly in November.

And last but not the least, the focus would also be on the action in the EUR/GBP cross in the European session.

GBP/USD Technical Levels

A break above 1.2736 (session high) could yield a rally to 1.2797 (100-DMA).  A daily close above the same would add credence to last week bullish break and open doors for 1.29 (zero figure). On the lower side, support is seen at 1.2598 (5-DMA) and 1.2518 (10-DMA). A daily close below 1.25 would revive bearishness.