GBP/USD: Upside picks-up pace, eyes 1.30 ahead of NFP

The GBP/USD pair brought an end to its brief consolidation phase near 1.2930 region and broke higher, in a bid to retest 1.30 handle before the US NFP release.

GBP/USD regains daily pivot and beyond

Currently, GBP/USD now jumps +0.57% to fresh session highs of 1.2980, recovering sharply from a dip to 1.2920 lows. The cable picked-up significant strength over the last hour and took-out the Asian session highs, as the bulls cheered higher European stocks amid stabilizing oil prices.

The GBP/USD pair is seen extending its recovery from post-Brexit lows just below 1.28 handle, as a broadly weaker US dollar continues to underpin. Meanwhile, the latest spike in the cable is largely on the back of a short-covering rally after the sharp declines seen earlier this week.

Data-wise markets ignored downbeat UK trade data as attention now remains solely on the US NFP report due on the cards ahead of the US open, which is likely to shape the next direction in the spot, while creating massive volatility across the fx board.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.3000 (psychological levels), above which 1.3020 (5-DMA) would be tested. On the flip side, support is seen at 1.2881 (Daily low) below that at 1.2793 (multi-year low).