GBP/USD buoyant above 1.300 ahead of data

The Sterling is extending its weekly upside on Thursday, pushing GBP/USD further north of the 1.3000 barrier ahead of key UK releases.

GBP/USD supported by FOMC, looks to data

The dovish tone from Wednesday’s FOMC minutes has undermined the attempt of recovery of the greenback, prompting the risk-associated space to resume its upside momentum and sent spot to the vicinity of 1.3090, although losing some impetus afterwards.

Ahead in the session GBP will grab all the attention in light of the release of UK’s Retail Sales. Prior surveys see headline sales rising 0.2% during last month, while sales excluding fuel are expected to gain 0.4%.

Across the pond, the usual report on US labour market data is due along with the Philly Fed manufacturing index.

GBP/USD levels to consider

As of writing the pair is gaining 0.12% at 1.3054 and a breakout of 1.3100 (20-day sma) would expose 1.3373 (high Aug.3) and then 1.3481 (high Jul.15). On the other hand, the next support lines up at 1.2863 (low Aug.15) followed by 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6).