GBP/USD off highs, returns to 1.2970 ahead of UK data

After a so far failed attempt to regain the critical 1.30 handle, GBP/USD has now retired to the 1.2980/75 band.

GBP/USD focus on UK data

The pair has extended its rebound from Wednesday’s fresh lows in the 1.2880 area, although the up move showed signs of exhaustion in the boundaries of the psychological barrier at 1.30 earlier in the session.

Despite the ongoing recovery, GBP remains under pressure as global concerns keep growing following the ‘Brexit’ vote. In addition, UK’s Industrial/Manufacturing Production is due later in the European morning, seconded by the NIESR GDP Estimate.

GBP/USD levels to consider

As of writing the pair is gaining 0.38% at 1.2980 facing the next resistance at 1.3118 (low Jun.27) followed by 1.3535 (high Jun.29) and finally 1.3840 (20-day sma). On the flip side, the immediate support appears at 1.2797 (low Jul.6).