GBP/USD moves to 6-month tops near 1.2940, GDP on sight

A bout of USD selling is now helping GBP/USD to clinch fresh 2017 tops around 1.2940, levels last seen in late September 2016.

GBP/USD attention to data

Cable’s march north stays unabated so far today, advancing for the third week in a row and reaching at the same time fresh multi-month peaks in the vicinity of 1.2940 for the time being.

The now softer tone surrounding the buck lent extra support to the pair, which has been posting gains since Tuesday amidst a generalized buying bias around the Sterling.

Data wise in the UK, advanced GDP figures for the first quarter are due later. Consensus expects the economy to expand 0.4% inter-quarter and 2.2% on a yearly basis.

Across the pond, the first revision of the GDP figures for the first quarter is due seconded by the Chicago PMI, Q1’s PCE and the final gauge of April’s Consumer Sentiment.

GBP/USD levels to consider

As of writing the pair is gaining 0.26% at 1.2936 and a breakout of 1.3000 (psychological level) would open the door to 1.3060 (high Sep.29 2016) and then 1.3125 (high Sep.22 2016). On the other hand, the immediate support aligns at 1.2834 (low Apr.27) followed by 1.2803 (low Apr.26) and finally 1.2770 (low Apr.20).