GBP/USD pushes higher, testing tops near 1.2980

The sterling is one of the best G10 performers at the end of the Asian session, now lifting GBP/USD to the area of daily highs near 1.2980.

GBP/USD supported in the mid-1.2900s

The pair is recovering part of the ground lost on Thursday, although it remains firmly on its way to close the second consecutive week with losses.

The re-emergence of the appetite for the greenback, extreme positioning and bearish prospects for the Sterling via looser monetary conditions in the UK are all weighing on spot, leaving the door open for another potential visit of multi-decade lows around 1.2800 in the not-so-far future.

Nothing scheduled on the UK data front today, whereas Retail Sales and the Reuters/Michigan index will take centre stage across the pond.

GBP/USD levels to consider

As of writing the pair is up 0.15% at 1.2975 and a breakout of 1.3142 (20-day sma) would aim for 1.3373 (high Aug.3) and finally 1.3481 (high Jul.15). On the other hand, the next support aligns at 1.2934 (low Aug.11) followed by 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6).