GBP/USD pushing higher to 1.2970, session tops

The buying pressure around the Sterling is now picking up pace, encouraging GBP/USD to edge higher to the 1.2970 area, or weekly peaks.

GBP/USD up on EUR/GBP selling

Cable is moving higher in spite of the better tone around the greenback, deriving support from the increasing selling bias in EUR/GBP on a poor performance from the single currency.

Earlier in the session, the always relevant UK’s services PMI came in below expectations during last month, although market participants seem to have already left behind those results.

From the USD-perspective, July’s factory orders are due along with speeches by FOMC’s L.Brainard (permanent voter, dovish), Dallas Fed R.Kaplan (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish).

GBP/USD levels to consider

As of writing the pair is gaining 0.26% at 1.2962 and a break above 1.2996 (high Sep.1) would open the door to 1.3031 (high Aug.11) and then 1.3157 (high Jul.27). On the flip side, the immediate down barrier aligns at 1.2910 (low Sep.5) seconded by 1.2851 (low Aug.31) and finally 1.2771 (low Aug.4).