GBP/USD Seeks Bullish Continuation Amidst Mixed Data | LONG

GBP/USD has resumed its bullish trajectory following a retracement, hovering around 1.2678 as traders anticipate further momentum in today's session. The pair experienced a pullback during the opening London session, retracing to the 38.2% - 50% Fibonacci area before gathering renewed strength.

On Thursday, S&P Global/CIPS PMI data from the UK revealed that business activity in the private sector continued to expand at an accelerated pace in early February. This positive news provided a boost to Pound Sterling. Concurrently, PMI surveys from the US affirmed that both the manufacturing and services sectors remained in expansion territory. Additionally, US data showed a decline in weekly Initial Jobless Claims by 12,000 to 201,000 in the week ending February 17.

However, the benchmark 10-year US Treasury bond yield surged to its highest level since late November, reaching 4.35% after the release of upbeat US data. This prompted a resurgence in the US Dollar (USD) and led GBP/USD to retreat from its multi-week highs.

Looking ahead, the economic calendar for Friday lacks high-impact data releases from both the UK and the US. Consequently, market sentiment and risk perception are poised to influence GBP/USD's movement as traders position themselves ahead of the weekend.

In light of recent data and market dynamics, traders are eyeing a bullish continuation for GBP/USD today. However, fluctuations in risk sentiment and developments in global markets may introduce volatility to the pair's trajectory throughout the trading session. As such, staying informed and monitoring price action closely will be essential for navigating potential opportunities in the GBP/USD pair.