GBP/USD clocks fresh 3-week highs at 1.3235

The GBP/USD pair ran through fresh buyers in the last hour, and stormed through the 1.32 barrier to hit fresh three-week highs amid a calm European session.

GBP/USD finds bids at daily pivot (1.3180)

Currently, GBP/USD jumps +0.19% to 1.3222, easing slightly from fresh three-week tops scored at 1.3235 some minutes ago. The cable staged a solid comeback from 1.3160 lows and rallied through 1.32 handle, with strong bids queued up at the daily pivot.

The rebound in the GBP/USD pair is largely on the back of a fresh move lower in the EUR/GBP pair, triggered by renewed selling wave that gripped the EUR/USD pair. While the major also benefits from a sharp recovery in the European stocks, boosting the higher-yielding currency GBP.

Attention turns towards the US existing home sales data for fresh incentive on the pair, while the main risk event for the week remains the Jackson Hole Symposium, which begins Thursday.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3250 (psychological levels), above which 1.3268 (daily R2) would be tested. On the flip side, support is seen at 1.3180 (daily pivot) below that at 1.3139/35 (5 & 50-DMA).