GBP/USD tracks Oil higher, 50-DMA back on sight?

The GBP/USD pair trims losses in the European morning, taking on the recovery back towards 50-DMA at 1.3189, as the bulls cheer renewed buying interest seen behind

GBP/USD reverts towards 2-week tops

Currently, GBP/USD drops -0.14% to 1.3153, having posted fresh session highs at 1.3163 last minutes. The cable caught a fresh bid-wave and embarked upon a recovery mode from 1.3129 lows, after the resumption of the oil-price rally, which suggests a positive start to the commodity-heavy London markets.

Moreover, the US dollar recovery versus its major rival, is seen losing momentum, which also aids the recovery in the GBP/USD pair. Focus now remains on the sole data from the UK docket today,  the public sector net borrowings data, due on the cards at 0830GMT.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3186/89 (2-week top/ 50-DMA), above which 1.3250 (psychological levels) would be tested. On the flip side, support is seen at 1.3092  (20-DMA) below that at 1.3055 (5-DMA).