GBP/USD well-bid near 6-week high ahead of preliminary UK GDP print

The GBP/USD pair maintained its strong bid tone, albeit seems to have stalled its up-move as investors now look forward to the first reading of UK Q4 GDP growth. 

Currently trading around mid-1.2600s, the pair extended its near-term upward trajectory and built on Wednesday's break-out momentum above 100-day SMA hurdle near 1.2540-45 region. Yesterday's statement from UK Prime Minister Theresa May, agreeing to publish Brexit plan in a formal 'White Paper' document to allow parliament to scrutinize it, provided an additional boost to the major's ongoing up-trend led by persistent US Dollar weakness.

Bulls, however, took a breather and now look forward to UK quarterly GDP growth number. Consensus estimates anticipate a respectable growth of 0.5% during the last quarter of 2016. In-line with estimate reading would be supportive for continuation of the major's ongoing up-move.

Technical levels to watch

A follow through buying interest above 1.2670-75 region is likely to accelerate the up-move beyond 1.2700-10 resistance area towards its next major resistance near 1.2770-75 area touched in December.

On the downside, weakness below session lows support near 1.2625 level, leading to a subsequent break below 1.2600 round figure mark, has the potential to drag the pair back towards 100-day SMA resistance break-point, turned support, near 1.2540-35 region.