GBPUSD jumps to one-month highs

GBPUSD jumps to one-month highs
The USD retreated today, pushing the GBPUSD pair above the 1.34 level for the first time in a month, rising half a percent on the day.
Traders paid attention to today's US durable goods orders data, which surprised to the upside and printed 2.5% in November, up from 0.1% in October. Additionally, the ex transportation gauge rose to 0.8% from 0.3% previously.
Finally, and perhaps most importantly, The Fed's favorite inflation indicator - the core PCE deflator - soared in the last month. The headline PCE deflator hit 5.7% YoY, the highest since June 1982.

Quite positive US data failed to boost the greenback, and the GBP continued to outperform today.

The pair is now testing September lows in the 1.34 region, and if sterling closes above that level, we could see further buying heading into the year-end. 

The next target is expected at the 50-day moving average near 1.3460 (the purple line), while the second selling area will likely be in the 1.3510 region.

Alternatively, should bears defend the 1.34 resistance, the short-term support could be found at 1.33, while the key long-term demand zone is near 1.32. A breakdown below that level would confirm the long-term bearish trend.
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