GBP/USD spikes to fresh 2-week tops, now eyeing 1.33 mark
| • Recovers around 90-pips from early Asian session lows.
• Renewed USD selling bias helps refresh 2-week tops.
The GBP/USD pair reversed an early dip to sub-1.3200 level and recovered nearly 90-pips from session lows.
Currently trading around the 1.3270 region, the pair turned positive for the fifth consecutive session and clocked over 2-week tops in the last hour, recovering all of its losses led by dovish BoE rate hike move in early November.
With investors looking past the latest German political uncertainty, a goodish recovery in the EUR/USD major, coupled with sliding US Treasury bond yields prompted fresh US Dollar selling and is turning out to be an exclusive driver of the pair's sharp upsurge over the past couple of hours.
It would now be interesting to see if bulls are able to maintain their dominant position or the pair runs through some fresh offers at higher level amid a combination of diverging factors ranging from persistent Brexit uncertainty and concerns over the long-awaited US tax cut legislation.
Technical levels to watch
Bulls would now be eyeing for a break through the 1.3300 handle, above which the pair is likely to aim towards testing Oct. swing highs resistance near the 1.3335-40 region.
On the flip side, 1.3240-30 zone now becomes an immediate support to defend, which if broken would turn the pair vulnerable to break back below the 1.3200 handle and head towards testing 1.3170-65 support area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.