GBP/USD rebounds to 1.3000 as UK Q2 GDP revised higher

The bulls fought back control following the release of upbeat UK GDP revision for the second quarter, driving GBP/USD through the roof, in a bid to reclaim 1.30 handle.

GBP/USD cheers UK data

Currently, GBP/USD is seen accelerating to the upside, as the GBP bulls were rescued by a series of upbeat economic releases from the UK docket, particularly on the back of upward revision to the UK Q2 growth numbers. At the time of writing, GBP/USD jumps +0.13% to hit fresh session highs of 1.2992, rebounding sharply from 1.2950 region.

However, the recovery appears to lack follow-through and the cable remains capped below 1.30 handle, as the greenback remains broadly higher amid persistent risk-off trades, triggered by Deutsche bank crisis.

With the UK data out of the way, focus remains on the US calendar, with the Fed’s favorite inflation gauge and consumer sentiment revision due on the cards.

GBP/USD Levels to consider            

The pair has an immediate resistance at 1.3002 (10-DMA), above which 1.3036 (daily S2) and 1.3090 (Sep 23 high) would be tested. On the flip side, support is seen at 1.2934 (Sept 27 low) below that at 1.2900 (key support) and at 1.2872/63 (mid-Aug lows).