GBP/USD climbs to session tops, attempting a fresh move towards 1.30 mark

• GBP/USD edges higher for the fourth consecutive session on Thursday.
• Absent negative Brexit headlines continued to benefit the British pound.
• Sliding US bond yields weighed on the USD and remained supportive.

The GBP/USD pair edged higher during the early European session and is currently placed near the top end of its daily trading range, around the 1.2975-80 region.

Following an early dip to levels just below mid-1.2900s, the pair managed to regain some positive traction and turned higher for the fourth consecutive session on Thursday. The uptick lacked any obvious fundamental catalyst and could be solely attributed to a subdued US dollar price action.

GBP/USD supported by softer USD

Despite fading prospects for any further rate cuts by the Fed, the greenback failed to capitalize on its recent strong gains to multi-month tops and remained on the defensive amid a weaker tone surrounding the US Treasury bond yields –  led by renewed concerns over the deadly coronavirus.

It is worth reporting that China's Hubei province reported a sharp jump in the death toll and confirmed cases. In fact, the number of deaths in the province rose to 1,310 while 14,840 new cases were reported as of February 12, which eventually led to a fresh wave of the global risk-aversion trade.

On the other hand, absent negative Brexit-related headlines, coupled with this week's better-than-expected monthly UK GDP print continued underpinning the British pound and remained supportive of the pair's ongoing recovery move from 2-1/2 month lows set last Friday.

However, market concerns that Britain might crash out of the European Union at the end of the transition period later this year might hold investors from placing any aggressive bullish bets and keep a lid on any strong runaway rally for the major, at least for the time being.

Moving ahead, market participants now look forward to the US economic docket, highlighting the release of the latest consumer inflation figures, which might influence the USD price dynamics and produce some short-term trading opportunities during the early North-American session.

Technical levels to watch