GBP/USD approaches 1.3200 on healthy UK data

Pablo Piovano FXStreet

The buying interest around the British Pound is now picking up pace, lifting GBP/USD to fresh tops in the 1.3200 neighbourhood.

GBP/USD underpinned by data

Cable met extra support after UK’s industrial production and manufacturing production surprised to the upside today, expanding at a monthly 0.2% and 0.4%, respectively.

In addition, UK’s construction output expanded more than expected 0.6% inter-month, while the trade balance widened to £14.24 billion during August, more than initially forecasted.

Spot keeps its march higher intact so far today, now navigating fresh 3-day tops near 1.3200 the figure and prolonging the bounce off Friday’s lows in the 1.3020 area, coincident with the 100-day sma.

GBP/USD levels to consider

As of writing the pair is advancing 0.37% at 1.3190 and a breakout of 1.3248 (10-day sma) would open the door to 1.3262 (23.6% Fibo of the 2017 up move) and finally 1.3355 (21-day sma). On the other hand, the immediate support aligns at 1.3135 (55-day sma) seconded by 1.3027 (low Oct.6) and then 1.3020 (100-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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