GBP/USD turns negative around 1.3100

The British pound has rapidly shed more than 60 pips vs. the greenback, dragging GBP/USD to fresh lows in the 1.3100 neighbourhood.

GBP/USD lower, USD recovers ground

A sudden bout of buying pressure has prompted the greenback to abandon the region of daily lows, forcing its rivals to give away part of the initial gains. In the same direction, a continuation of the selling pressure in crude oil prices continue to weigh on the rest of the risk-associated assets.

Nothing worth mentioning data wise in the US today, while UK’s Industrial Trends Orders by CBI have surpassed estimates at -4 for the month of July.

GBP/USD levels to consider

As of writing the pair is losing 0.03% at 1.3106 and a break below 1.3061 (low Jul.20) would aim for 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6). On the other hand, the initial hurdle aligns at 1.3321 (23.6% Fibo of 1.5020-1.2796) ahead of 1.3481 (high Jul.15) and finally 1.3535 (high Jun.29).