GBP/USD stays on the hunt of the 1.3000 mark

<p>The pair is looking particularly buoyed this week, helped out by a technical break above the June highs but also after the hot wages data from the UK labour market report yesterday. A softer dollar is also contributing to all that and we are seeing price now hold a push above 1.2900 to its highest levels since April last year.</p><p>The high earlier today hit 1.2969 before the pair is now trading more flattish around 1.2934. It seems like buyers are taking a little off the top ahead of the US CPI data later.</p><p>But if the inflation numbers do come in softer than expected, that should lead to further selling in the dollar this week.</p><p>And with the greenback looking particularly vulnerable across the board, that might see GBP/USD buyers take a run at trying to break above 1.3000 later on.</p><p>The figure level is a key one to watch with offers lined up and is a big psychological barrier as well. For now, buyers are definitely keeping poised with price action also holding above the 200-week moving average of 1.2882 this week.</p><p>It's all down to the US CPI data later to see if we will be getting a further upside break.</p>

This article was written by Justin Low at www.forexlive.com.