GBP/USD turns positive above 1.3020 ahead of Fedspeak

After bottoming out in the area of 1.2980 in early trade, GBP/USD has now regained both the 1.300 handle and the positive territory.

GBP/USD now looks to Fedspeak, data

The pair met a wave of selling pressure soon after reaching session peaks near 1.3060 during the Asian trading hours, all against the backdrop of a broad-based recovery of the US dollar.

On the UK data front, UK’s Mortgage Approvals have come in below expectations during August, while BoE’s Consumer Credit and M4 Money Supply have surprised to the upside.

Later in the NA session, US Core PCE, Initial Claims and Pending Home Sales are due ahead of speeches by Atlanta Fed D.Lockhart (2018 voter, dovish), J.Powell (permanent voter, neutral), Minneapolis Fed N.Kashkari (2017 voter, neutral) and Kansas City Fed E.George (voter, hawkish), all along the speech by Chair J.Yellen on Conversation with conference participants At the Banking and the Economy: A Forum for Minority Bankers.

GBP/USD levels to consider

As of writing the pair is gaining 0.05% at 1.3026 and a breakout of 1.3125 (high Sep.22) would open the door to 1.3166 (20-day sma) and finally 1.3447 (high Sep.6). On the other hand, the next support lines up at 1.2912 (low Sep.23) ahead of 1.2863 (low Aug.15) and then 1.2796 (2016 low Jul.6).