GBP/USD ticks higher to session tops, remains below 1.2700 handle post-UK data

• The final UK GDP print matches original estimates and stands at 0.5% in Q1 2019.
• A modest USD weakness helped gain traction; no-deal Brexit fears might cap gains.
• The key focus remains on the crucial Trump-Xi meeting at the key G20 summit.

The GBP/USD pair ticked higher and refreshed session tops in reaction to the latest UK macro releases, albeit remained below the 1.2700 handle.

The final version of the UK GDP report showed that the economic growth stood at 0.5% during the first quarter of 2019, with the yearly rate holding steady at 1.8% and matching the original estimates.

Meanwhile, the total business investment fell by 1.5% on yearly basis, as against 1.4% drop expected, but was largely offset by current account figures, showing a deficit of £30.045 billion £32.0 billion expected.

This against the backdrop of a modest US Dollar weakness provided a minor lift to the major, albeit persistent fears of a no-deal Brexit might continue to keep a lid on any strong follow-through positive move.

With today's UK macro data out of the way, traders now look forward to the US economic data - featuring the releases of core PCE price index, for some short-term impetus later during the early North-American session.

The key focus, however, will remain on the US President Donald Trump's meeting with his Chinese counterpart Xi Jinping, which might influence the broader market sentiment and drive the greenback in the near-term.

Technical levels to watch