GBP/USD through 1.3300, fresh 2017 tops

Pablo Piovano FXStreet

The solid performance of the Sterling is now pushing GBP/USD to test levels above the 1.3300 handle, last seen in early September 2016.

GBP/USD focus on UK data

Cable’s upside remains well and sound so far today. The pair is advancing for the second session in a row and trading in levels last seen around a year ago beyond 1.3300 the figure after fresh buying interest appeared following Tuesday’s inflation figures.

In fact, consumer prices in the UK economy rose to a 5-year high on a yearly basis during August, reinforcing the already incipient up move in spot and quickly leaving behind earlier tops in the 1.3270 region. The move in Cable has been sustained by an equivalent up tick in yields of the UK 10-year reference to fresh 5-week tops just below 1.15%.

The sentiment surrounding GBP stays upbeat ahead of today’s UK labour market report and Thursday’s key BoE MPC meeting.

GBP/USD levels to consider

As of writing the pair is up 0.28% at 1.3320 and a break above 1.3447 (high Sep.6 2016) would expose 1.3481 (high Jul.15) and then 1.3535 (high Jun.29). On the flip side, the immediate support lines up at 1.3266 (high Aug.3) seconded by 1.3159 (low Sep.11) and finally 1.3096 (10-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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