GBP/USD pushes higher, around 1.3250

The upside momentum in the British pound remains well and sound on Wednesday, now lifting GBP/USD to fresh highs near 1.3260.

GBP/USD higher via EUR/GBP

Spot has managed to gather extra traction despite the continuation of the bid tone prevailing around the greenback. In fact, the rapid decline in EUR/GBP has lent extra legs to the Sterling, pushing the pair to fresh multi-week highs well above the 1.3200 handle today.

Ahead in the session US Existing Home Sales is due, although market participants remain focused on the speech by Chair Yellen at the Jackson Hole Symposium on Friday. In the UK’s data space, advanced Q2 GDP figures are expected on Friday as well.

GBP/USD levels to consider

As of writing the pair is advancing 0.32% at 1.3239 facing the next hurdle at 1.3321 (23.6% of the post-Brexit down move) followed by 1.3373 (high Aug.3) and then 1.3481 (high Jul.15). On the other hand, a breakdown of 1.3107 (20-day sma) would aim for 1.2863 (low Aug.15) and finally 1.2849 (low Jul.11).