GBP/USD pushes higher above 1.3200

The bid tone around the Sterling is now gathering pace, lifting GBP/USD to fresh daily highs beyond the 1.3200 handle.

GBP/USD stronger on USD sell off

The pair is following the better tone in the risk-associated universe in response to a continuation of the selling mood around the greenback, advancing to fresh 3-week tops above the 1.3200 handle.

Quite light docket in the UK ahead in the week, at least until Friday’s advanced GDP figures for the second quarter (0.6% QoQ exp.).

GBP remains under pressure nonetheless, as ‘Brexit’ potential implications keep lingering along with extreme positioning. In fact, according to the latest CFTC report, speculative net shorts in GBP remained at record levels in the week ended on August 16.

GBP/USD levels to consider

As of writing the pair is advancing 0.32% at 1.3190 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 1.3099 (20-day sma) would aim for 1.2863 (low Aug.15) and finally 1.2849 (low Jul.11).