Cable is at session highs, testing the 1.3100 level

GBP/USD D1 17-01

There are some offers resting at the figure level that is keeping price action capped for the time being but from a technical perspective, cable is looking more bullish as buyers are also contesting a break above the key trendline resistance @ 1.3071.

All eyes will now turn towards UK retail sales data at the bottom of the hour and if that will help to give buyers the kick they need to chase a further move to the upside.

As for downside support, it is seen closer towards 1.3070-75 with the 200-hour moving average @ 1.3057 also one to keep an eye out for in trading today.

Update (0920): Cable starts to run higher, 1.3116 currently. The ONS doesn't have a good reputation historically about data confidentiality but this could just be a slight positioning move. Let's see what the data will tell us in ~10 mins time.