GBP/USD renews multi-week highs above 1.3750, eyes on US data

GBP/USD preserves its bullish momentum ahead of the weekend.
Upbeat market mood seems to be providing a boost to GBP/USD.
US Dollar Index stays below 94.00 ahead of September Retail Sales data.

Eren Sengezer FXStreet

After posting small daily gains on Thursday, the GBP/USD pair regathered bullish momentum in the early trading hours of the European session on Friday and reached its strongest level since September 17 at 1.3758. As of writing, the pair was up 0.6% on the day at 1.3755.

The risk-positive market environment ahead of the weekend seems to be helping GBP/USD push higher. Reflecting the upbeat market mood, the UK's FTSE Index is up 0.3% on the day and the US stocks futures are up between 0.3% and 0.45% ahead of Wall Street's opening bell.

On the other hand, the US Dollar Index (DXY) stays in a consolidation phase below 94.00 as investors await the September Retail Sales report and the University of Michigan's advanced October Consumer Sentiment Index data. Nevertheless, the 2% recovery witnessed in the benchmark 10-year US T-bond yield seems to be helping the DXY limit its losses.

US Michigan Consumer Sentiment September Preview: Happy consumer, happy economy?

Meanwhile, investors will keep a close eye on fresh Brexit developments. Maroš Šefčovič, European Commission Vice President, and David Frost, the British minister responsible for implementing the Brexit deal, will be meeting in Brussels on Friday to discuss the EU's proposal on the Northern Ireland protocol.

Technical levels to watch for

GBP/USD

Overview
Today last price	1.3755
Today Daily Change	0.0082
Today Daily Change %	0.60
Today daily open	1.3673

Trends
Daily SMA20	1.3617
Daily SMA50	1.3721
Daily SMA100	1.3824
Daily SMA200	1.3845

Levels
Previous Daily High	1.3735
Previous Daily Low	1.3656
Previous Weekly High	1.3659
Previous Weekly Low	1.3532
Previous Monthly High	1.3913
Previous Monthly Low	1.3412
Daily Fibonacci 38.2%	1.3705
Daily Fibonacci 61.8%	1.3686
Daily Pivot Point S1	1.3641
Daily Pivot Point S2	1.3609
Daily Pivot Point S3	1.3562
Daily Pivot Point R1	1.372
Daily Pivot Point R2	1.3767
Daily Pivot Point R3	1.3799

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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