GBP/USD getting ready for another attempt at 1.30

After touching its monthly high at 1.3007, the GBP/USD pair eased to 1.2960 following the macro data releases from the U.S. but gathered momentum once again and is now approaching the 1.30 handle. At the moment, the pair is trading at 1.2990, gaining 0.5% on the day.

The US Dollar Index, which rebounded to a fresh session high at 95.73, gave back all of the data-led earnings and renewed its lowest level since late September of 2016 at 95.42. As of writing, the index is at 95.45, losing 0.35% on the day. Today's data from the U.S. showed that the third estimate of the real GDP growth for the first quarter of 2017 increased to 1.4% from 1.2% (second estimate) as personal consumption expenditures (PCE) and exports increased more than previously expected. 

• US: Real GDP increased at an annual rate of 1.4% in the first quarter of 2017

On the other hand, the GBP continues to remain in the spotlight after the hawkish comments from the BoE Governor Carney yesterday. Despite a 0.3% increase in the Euro Index, the EUR/GBP pair stays flat at 0.88, suggesting that the demand for the cable is high. 

• UK: Politics and BoE are filling the hard data void – Westpac

Now with the U.S. data out of the way, investors will look upon St. Louis Fed President Bullard's statements at 17:00 GMT for fresh impetus.

Technical outlook

With a decisive break above 1.30 (psychological level), the pair could aim for 1.3050 (May 18 high) and 1.3120 (Sept. 22, 2016 high). On the downside, supports could be seen at 1.2940 (daily low), 1.2855 (50-DMA) and 1.2765 (20-DMA). The RSI on the daily graph hasn't approached the overbought territory yet, suggesting that there is more room to the upside before the pair makes a technical correction.

• GBP potential for further gains on BoE – Danske Bank