GBP/USD steady below 1.2900, US data on sight

The Sterling is struggling for direction at the end of the week, taking GBP/USD to attempt a sideline theme in the upper-1.2800 ahead of the opening bell in Europe.

GBP/USD supported near 1.2850

Cable managed to rebound from yesterday’s fresh 5-day lows in the mid-1.2800s, although gains appear so far capped around the vicinity of the key barrier at 1.2900 the figure.

The pair is on its way to close the first week with losses after four consecutive advances, including fresh 8-month peaks just below the psychological 1.3000 handle.

Absent releases in the UK docket, spot should look to the US calendar for direction as inflation figures tracked by the CPI and Retail Sales are due along with speeches by Chicago Fed C.Evans (voter, centrist) and Dallas Fed P.Harker (voter, hawkish).

GBP/USD levels to consider

As of writing the pair is up 0.01% at 1.2887 and a surpass of 1.2953 (high May 11) would open the door to 1.2989 (high May 10) and finally 1.2992 (2017 high May 8). On the flip side, the immediate support aligns at 1.2866 (20-day sma) followed by 1.2847 (low May 11) and finally 1.2829 (low May 4).