GBP/USD fades the uptick above 1.3400

The bid tone remains well and sound around the sterling today, now sending GBP/USD to test levels above the 1.3400 handle, or daily highs.

GBP/USD up on USD-selling

The renewed selling bias around the greenback is allowing the ongoing rebound in the beleaguered GBP, lifting spot to test the key barrier at 1.3400 the figure.

In another direction, US GDP figures have come in on the strong side during the first quarter and the S&P/Case-Shiller index rose 5.4% in line with expectations, although traders have practically ignored the results, more focused instead on the imminent EU Leaders Summit.

GBP/USD levels to consider

As of writing the pair is advancing 1.12% at 1.3374 and a break above 1.3833 (previous 2016 low Feb.29) would expose 1.4004 (low Apr.6) and then 1.4244 (20-day sma). On the other hand, the next support aligns at 1.3224 (post-Brexit low Jun.24) followed by 1.3126 (low J un.27).