GBP/USD gathering traction around 1.2950

Pablo Piovano FXStreet

After advancing to multi-month tops on Thursday above the 1.3000 handle, GBP/USD has briefly tested sub-1.2900 levels and is now looking to consolidate in the mid-1.2900s.

GBP/USD supported near 1.2900

Volatility was all over Cable on Thursday after very auspicious results from UK’s retail sales in April lifted spot well above the psychological 1.3000 mark, although the bull run found tough resistance in the 1.3050 region.

The subsequent correction lower tool the pair to as low as the sub-1.2900 zone during the NA session, just to grab some upside momentum since then and all against the backdrop of a moderate recovery in the greenback.

On the data front, UK’s Industrial Trend Orders by CBI is only due while the speech by St. Louis Fed J.Bullard (2019 voter, centrist) is expected later in the NA session in an otherwise empty docket.

GBP/USD levels to consider

As of writing the pair is gaining 0.11% at 1.2954 facing the next hurdle at 1.3051 (2017 high May 18) followed by 1.3125 (high Sep.22 2016) and finally 1.3351 (high Sep.12 2016). On the flip side, the immediate support aligns at 1.2910 (20-day sma) followed by 1.2889 (low May 18) and then 1.2842 (low May 12).

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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