GBP/USD upside loses momentum near 1.2980

The bid tone around the British Pound is picking up extra pace today, pushing GBP/USD to test fresh daily peaks near 1.2980 just to run out of steam soon afterwards.

GBP/USD bid after data

Cable climbed to fresh 5-day tops closer to the psychological 1.3000 handle in the middle of the week, always boosted by the persistent sell-off in the greenback and mixed results from the latest UK’s jobs report published earlier today.

In fact, tracked by the US Dollar Index, the buck has retreated to fresh 6-month lows near 97.80, where it is now looking to consolidate as some dip-buyers seem to have turned up.

Data wise, the jobless rate in the UK economy ticked lower to 4.6% while Claimant Count Change rose more than expected by 19.4K during last month. Later in the week, April’s Retail Sales are due tomorrow.

Across the pond today, the only release includes the weekly report on US crude oil inventories by the EIA.

GBP/USD levels to consider

As of writing the pair is up 0.37% at 1.2965 and a surpass of 1.2989 (high May 10) would pave the way for a test of 1.2992 (2017 high May 8) and then 1.3000 (psychological handle). On the flip side, the immediate support aligns at 1.2842 (low May 12) followed by 1.2829 (low May 4) and then 1.2758 (low Apr.21).