GBP/USD gathers pace for further upside, near 1.3330

The GBP bulls are seen struggling hard to extend the recovery from 5-DMA located at 1.3296, with GBP/USD pair awaiting fresh impetus for the next push higher.

GBP/USD eyes Oil price-action

Currently, GBP/USD trades +0.16% higher at 1.3325, testing session highs reached earlier at 1.3327. The cable is seen consolidating at daily tops and now looks to reclaim 1.3350 barrier amid renewed optimism in the markets, fuelled by higher commodities’ prices, particularly oil and silver.

Later today, the major is likely to take cues from the sentiment around the stocks and oil markets, in absence of significant economic releases from the UK docket. While the US calendar offers the ISM non-manufacturing PMI and LMCI data, which may provide fresh impetus to the major.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3379 (multi-week high), above which 1.3400 (round figure) would be tested. On the flip side, support is seen at 1.3296 (5-DMA) below that at 1.3250 (Sept 2 low).