GBP/USD through 1.31 post-UK data

The Sterling has quickly climbed to fresh session highs vs. the greenback, pushing GBP/USD to levels well above the 1.3100 handle.

GBP/USD boosted on upbeat data

Spot met extra buying pressure after UK’s retail sales have surprised markets to the upside during last month. In fact, headline sales have expanded 1.4% and sales excluding Fuel 1.5%, both prints crushing initial forecasts and taking the annualized prints to 5.9% and 5.4%, respectively.

The pair clinched fresh 2-week tops near 1.3160 in the wake of the releases, helped at the same time by a bearish note surrounding the greenback after yesterday’s FOMC minutes.

GBP/USD levels to consider

As of writing the pair is gaining 0.89% at 1.3155 and a breakout of 1.3321 (23.6% Fibo of the June-July drop) would expose 1.3373 (high Aug.3) and then 1.3481 (high Jul.15). On the other hand, the next support lines up at 1.2863 (low Aug.15) followed by 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6).