GBP/USD jumps-off 1.3050, but stays below 1.31 handle

The GBP/USD pair ran through fresh offers once again above 1.30 handle, sending the rate back towards daily lows struck previously at 1.2968.

GBP/USD supported above 5-DMA at 1.3051

Currently, GBP/USD rallies +0.51% to 1.3068, trying another attempt to regain 1.31 barrier. The cable staged a solid rebound from fresh four-week lows on the back of broad based USD sell-off, and now consolidates the upside, after having faced rejection just below 1.31 handle in early Asian trades.

The GBP/USD pair appears to have good support ahead of 1.3050 region, where the 5 and 20-DMA intersect, and hence, allows the rate to attempt a minor recovery towards daily highs reached at 1.3091.

In the day ahead, the major will closely monitor USD price-action in absence of significant economic data from the UK docket, while the US JOTLS jobs data may provide some incentives to the spot ahead of EIA crude oil inventory report due later in the NA session.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3091 (daily top), above which 1.3151 (daily R3) would be tested. On the flip side, support is seen at 1.3051/44 (5 & 10-DMA) below that at 1.3000  (round number).