GBP/USD prints fresh nine-day highs above 1.3800, holds onto weekly gains

• Pound gains for the fifth consecutive day versus the US dollar.
• Supported by a decline of the US dollar, GBP/USD erased last week's losses.

The GBP/USD rose further and climbed to 1.3825 during the American session, reaching the highest level since April 7. Cable remains near the top, supported by a strong performance of the pound and amid risk appetite.

Holding above 1.3800

In one-hour and four-hour charts, GBP/USD is holding above the 1.3800 area. While above, additional gains will remain on the table. The next barrier emerges at 1.3845/50.

On a weekly basis, GBP/USD rebounded from the 20-week simple moving average that stands around 1.3700 and erased last week's losses. The pound so far is having the best weekly performance since early February.

Mixed data in the US

In the US, housing data came in above expectations like retails sales and initial jobless claims numbers on Thursday. The latest report was the University of Michigan’s consumer confidence. The main index rose but below expectations to 86.5, the highest level in a year. Inflation expectations readings climbed.

The US dollar is showing limited price actions across the markets on Friday. The DXY trades around 91.50, modestly lower for the day. US yields are higher on Friday, after the biggest decline in months yesterday. The 10-year stands 1.582%, far from Thursday’s low at 1.52%.

Technical levels