GBP/USD testing highs near 1.3230 ahead of UK GDP

The softer tone in the US dollar keeps sustaining the buying interest in the Sterling, now lifting GBP/USD to fresh highs near 1.323.

GBP/USD attention to data, Yellen

The pair has recovered the ground lost in yesterday’s pullback and it has now returned to the upper end of the range ahead of the release of the advanced UK’s Q2 GDP figures. Market consensus expects the economy to grow 0.6% inter-quarter and 2.2% YoY.

Next of relevance for the pair will be Chief J.Yellen’s speech at the Jackson Hole Symposium, while another estimate of US Q2 GDP figures and final August’s Consumer Sentiment results will also grab attention amongst traders.

GBP/USD levels to consider

As of writing the pair is advancing 0.23% at 1.3222 facing the next resistance at 1.3321 (23.6% of the post-Brexit down move) followed by 1.3373 (high Aug.3) and then 1.3481 (high Jul.15). On the flip side, a breakdown of 1.3108 (20-day sma) would aim for 1.2863 (low Aug.15) and finally 1.2849 (low Jul.11).