GBP/USD flirting with tops near 1.3180, UK data eyed

The Sterling is extending its positive start of the week and is now lifting GBP/USD to the area of daily highs around 1.3180.

GBP/USD attention to data

Cable is advancing for the second session in a row, as the renewed selling pressure keeps weighing on the greenback.

In addition, Monday’s rumours over a potential cabinet re-shuffle has given fresh oxygen to the beleaguered GBP and collaborated with the up move from Friday’s fresh multi-week lows near 1.3020.

Looking ahead, today’s UK docket appears busy with industrial/manufacturing production, construction output, trade balance and the NIESR GDP Estimate. Across the pond, the publication of the NFIB index will be the only release of note.

GBP/USD levels to consider

As of writing the pair is advancing 0.21% at 1.3169 and a breakout of 1.3248 (10-day sma) would open the door to 1.3262 (23.6% Fibo of the 2017 up move) and finally 1.3355 (21-day sma). On the other hand, the immediate support aligns at 1.3135 (55-day sma) seconded by 1.3027 (low Oct.6) and then 1.3020 (100-day sma).