GBP/USD rises to session highs, near mid-1.2900 levels after UK data

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  • The GBP/USD pair gained some positive momentum after mixed UK macro data on Tuesday.
  • Fears of a no-deal Brexit and continued US dollar buying could cap any solid gains.

The GBP/USD pair quickly reversed the early European session's dip to sub-1.2900 levels and regained session tops after UK economic releases.

The British Pound gained some positive momentum and helped the pair add modest gains in the previous session after upbeat UK monthly GDP data showed that the economy grew by 0.3% in December compared to the 0.2% expected.

Meanwhile, economic growth for the fourth quarter of 2019 remained flat and in line with consensus estimates. These more mixed readings were accompanied by industry and manufacturing numbers, which largely offset the better-than-expected UK Trade Balance data.

This comes on the back of market fears of a possible no-deal Brexit at the end of the transition period later this year. This, combined with the sustained buying interest surrounding the USD, may limit any strong recovery in the major pair.

Going forward, market participants are now looking forward to Federal Reserve Chair Jerome Powell's semi-annual testimony to Congress, which may influence the dollar's price dynamics and produce some real trading opportunities later during the US session.

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