GBP/USD: bullish breakout pointing to further gains beyond 1.3100

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3035

The GBP/USD pair jumped to 1.3047, its highest since September 2016, backed by a strong UK Retail Sales report. Official data showed that sales surged by 2.3% in April whilst the YoY reading printed 4.0%, both doubling market's forecasts. The advance was attributed to the good weather, as figures excluding fuel were also much better-than-expected. The numbers prompted the pair through 1.3000, while triggered stops did the rest. Now holding a few pips below the mentioned high, the pair may enter again in wait-and-see mode ahead of the elections, although the scale has lean towards the upside, moreover if the pair holds above the critical 1.3000 level. The pair presents a bullish stance in the 4 hours chart, although with limited upward momentum at the time being, given that technical indicators have turned flat near overbought levels, whilst the price advanced well above its 20 SMA after two-days of meeting buying interest around it. A strong resistance comes at 1.3060, with a break above it fueling the recovery during the upcoming sessions.

Support levels: 1.2990 1.2950 1.2905

Resistance levels: 1.3060 1.3110 1.3150

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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