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FXstreet.com (San Francisco) - GBP/USD [current price: 1.5720] held onto overnight gains during today's Asia-Pacific session, inching up to as high as 1.5722 and stalling just ahead of the 200-day EMA (1.5730).

Farther to the upside, "1.5770 is still a key midterm resistance level and only advances above that level with confirm an upward continuation rally," comments Valeria Bednarik, Chief Analyst at FXstreet.com. Should bears regain the downside, the analyst identifies support levels at 1.5660, 1.5620 then 1.5590.

In the European session ahead, UK Public Sector Net Borrowing figures for July will be key risk event for GBP. "The government is expected to record a rare surplus in July of £3.2B," says Rabobank.

Rabobank adds: "A monthly result in line with expectations i.e., a £3.2B surplus will translate to an annual deficit of -£79.5B. This will be down markedly from the annual deficit of -£97.5B as recently as March 2012 but still the largest annual deficit in four months."

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