GBP/USD refreshes session tops near 1.2935 level

The GBP/USD pair finally seems to have broken out of daily consolidative range and spiked to fresh session tops near 1.2935 region during early NA session.

The pair's latest leg of up-move lacked any fresh fundamental drivers and could be attributed to lack of follow through greenback buying interest. In fact, the key US Dollar Index trimmed some of its strong gains closer to the 97.00 handle and helped the pair to regain some traction.

Moreover, possibilities of some short-term trading stops being triggered, on a sustained break through 20-day SMA hurdle near 1.2915 region, might have also collaborated to the pair's sharp spike of around 20-pips in the past hour or so.

It would now be interesting to see if the pair is able to build on the momentum or the up-move turns out to be a stop run, which would be utilized to further unwind bullish bets amid uncertainty surrounding the outcome of crucial UK general election on Thursday.

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Technical levels to watch

Immediate resistance is pegged near 1.2940-50 region, above which a fresh bout of short-covering could lift the pair towards 1.2975-80 intermediate resistance ahead of the key 1.30 psychological mark.

On the downside, the 1.2900 handle now becomes immediate support and weakness back below the said handle now seems to drag the pair back towards 1.2870 intermediate support en-route mid-1.2800s.