• GBP$ firm into Europe close, +0.72% at 1.2534; Thurs range 1.2540-1.2442

• Rallied after PPI components hint at softer prices, eyes Feb 5 high 1.2550

• Reciprocal tariff delay, Russia-Ukraine ceasefire speculation aids GBP rise

• Above f/c UK GDP, output data relieves some lingering fiscal tension as well

• Next week's UK employment and price data key for GBP bulls

• GBP$ res 1.2540 Thurs high, 1.2571 50% of 1.3043-1.21, 1.2643 dly cloud top

• Supt 1.2492 rising 10-HMA, 1.2442 Thursday low, 1.2382 the 30-DMA

GBP Chart:

(Paul Spirgel is a Reuters market analyst. The views expressed are his own)