GBP/USD drops from 6-week highs near 1.3090 post-data

• Cable approached fresh tops near 1.3080 on UK data releases.
• The upcoming BoE meeting should be a ‘non-event’.
• Claimant Count Change surprised to the upside in August.

The buying interest around the Sterling lifted GBP/USD to fresh multi-week peaks in the boundaries of 1.3080 on Tuesday, although receding some ground afterwards.

GBP/USD bid on Brexit, data

Cable picked up extra pace today following auspicious results from the UK labour market, where Claimant Count Change rose by 8.7K, less than forecasted for the month of August.

In addition, the jobless rate stayed put at 4.0%, in line with expectations, while Average Earnings expanded more than prior surveys.

In the meantime, spot keeps its march north unabated so far today on the back of positive headlines from the Brexit negotiations, particularly after EU’s M.Barnier said on Monday that a deal is ‘realistic’ in 6-8 weeks.

GBP/USD levels to consider

As of writing, the pair is up 0.03% at 1.3030 and a break above 1.3086 (high Sep.11) would aim for 1.3144 (short-term resistance line) and finally 1.3205 (100-day SMA). On the flip side, the immediate support aligns at 1.2955 (10-day SMA) seconded by 1.2880 (21-day SMA) and finally 1.2785 (low Sep.5).