GBP/USD fades an uptick to 1.3070, Brexit bill debate gets underway

GBP/USD found fresh buyers near 1.3030 region and staged a solid bounce to test 5-week tops of 1.3083, before meeting fresh supply near 1.3070 levels to now consolidate the renewed uptick.

GBP/USD: 1.3100 still on sight

The spot finally broke its consolidative phase to the upside, as markets preferred to hold the UK currency, with the UK PM May’s Brexit bill debate gets underway in parliament. Further, the US dollar came under aggressive selling pressure against most of its major peers, in response to falling Treasury yields, also collaborated to the latest upmove seen in Cable.

More so, better-than expected Halifax HPI data combined with positive European equities also help the GBP/USD pair to head back higher. However, the pair continues to find stiff resistances near 1.3070 region, as markets seek clarity on the Brexit divorce bill for a decisive break northwards.

Next of note for the major remains the ECB policy decision,  US weekly jobless claims and IBD/TIPP Economic Optimism for fresh signals.

GBP/USD levels to consider             

Slobodan Drvenica at Windsor Brokers Ltd. writes: “Close above cloud top/Fibo barrier is needed to strengthen existing bulls for further extension of bull-leg from 1.2773 (24 Aug trough). The pair may show further hesitation at 1.3080 zone pivots, with supports at 1.3020/00 zone expected to hold and keep bulls in play. Res: 1.3060; 1.3081; 1.3100; 1.3151 Sup: 1.3020; 1.3000; 1.2967; 1.2957.”