GBP/USD stays firm around 1.3000

Pablo Piovano FXStreet

The British Pound keeps the positive note at the end of the week, now taking GBP/USD back above the psychological 1.3000 handle.

GBP/USD supported near 1.2930

Cable is advancing for the first time since last Friday, managing to rebound from yesterday’s lows in the 1.2930 region and always supported by the increased selling bias around the greenback.

In fact, tracked by the US Dollar Index, the buck tested fresh 13-month lows in sub-94.00 levels, particularly in response to yesterday’s headlines involving Mueller, Russia and Trump and the hawkish message from Draghi at the ECB meeting.

GBP is firmer today amidst the persistent selling bias around the Dollar, relegating to the passenger’s seat the uncertainty around UK politics and Brexit as the main drivers behind the pair’s price action.

In the UK data space, UK’s public sector net borrowing ticked lower to £6.28 billion vs. £4.30 billion initially forecasted.

GBP/USD levels to consider

As of writing the pair is gaining 0.19% at 1.2999 and a break above 1.3020 (high Jul.21) would aim for 1.3033 (high Jul.20) and then 1.3127 (2017 high Jul.18). On the downside, the immediate support aligns at 1.2933 (low Jul.20) followed by 1.2921 (38.2% Fibo of 1.2587-1.3127) and finally 1.2910 (short term support line).

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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