GBP/USD hovers near 3-week tops above 1.47, UK GDP eyed

The GBP/USD pair is seen consolidating the upside above 1.47 handle, as the bulls appear to face exhaustion after a two-day massive rally backed by upbeat news surrounding the Brexit issue.

GBP/USD lifted by higher oil, anti-Brexit news

Currently, GBP/USD trades +0.13% higher at 1.4715, moving off fresh session highs reached at 1.4722 last minutes. The cable failed once again to sustain at higher levels and retreated from near three-week highs, although downside remains cushioned amid broad based US dollar correction, as markets resort to repositioning ahead of the US data and Fed Chair Yellen’s speech due in the upcoming sessions.

Meanwhile, markets now shifts their focus towards the second estimate of UK’s GDP data, which is expected to show the UK economy grew 0.4% q/q, while rising 2.1% on the annual basis during the same period. Besides, US durable goods and pending home sales data will be eyed along with Fed officials speeches due later in the NY session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4729/43 (May 25 high/ 200-DMA), above which 1.4770 (May high) would be tested. On the flip side, support is seen at 1.4640 (1h 50-SMA below that at 1.4600 (round number/ 5-DMA).