GBP/USD: steadily better bid leading into Yellen's speech

Currently, GBP/USD is trading at 1.2839, up 0.30% on the day, having posted a daily high at 1.2844 and low at 1.2794.

GBP/USD is solid heading into Yellen's speech at the Jackson Hole Symposium's at 10:00 ET. 

Fed Yellen's speech at Jackson Hole Symposium Live Video

While obvious risks lurk in the background for the pound, sterling has been robust over the last few sessions and the greenback remains the central focus, hit by today's durable goods orders for July.

GBP/USD levels

For the near term, Valeria Bednarik, chief analyst at FXStreet, argues that the market is eyeing an extension towards 1.2900/20, where selling interest will likely re-surge. "The weekly low of 1.2773 is the key support, as below it, the decline could extend towards the 1.2700 figure," noted Valeria.

On the wide, analysts at Commerzbank suspect that the 1.3267 current August high was the end of the up move. "While trading below the next lower 1.3031/49 May and August 11 highs immediate downside pressure will be maintained. Further resistance sits at the 1.3126 July 18 high," the analysts added.