Forex: GBP/USD in session highs, around 1.5860/70

FXstreet.com (Barcelona) - The sterling seems to be well bid at the moment, printing fresh session highs in the area around 1.5870 and quickly leaving behind the poor data out of the December UK PSNB (£12.2 billion act. vs. £13.0 billion exp.).

"Fresh fears over the strength of Sterling have amounted ahead of the UK GDP figures due this week. Unfortunately for the Pound a poor announcement, which is likely, could lead to a downgrade of Britain's Triple A rating. GBP has already fallen over 3% [against EUR] this year and there may be further losses to come as a result of poor economic data. Indeed, Sterling has suffered particularly hard against the Euro due to a huge appetite for Euro (Spanish) bonds, as well as increased confidence from the ECB", argued Stephen Hughes, director of currencies.co.uk

At the moment, GBPUSD is up 0.19% at 1.5862 with the next resistance at 1.5882 (Lower Bollinger) followed by 1.5893 (high Jan.21) and then 1.5907 (MA200d).
On the flip side, a breach of 1.5807 (2013 low Jan.21) would expose the psychological level at 1.5800 en route to 1.5778 (low Aug.31).