GBP/USD depressed around 1.2650 ahead of data

The demand for the Sterling remains subdued at the end of the Asian trading hours on Wednesday, with GBP/USD coming down to the area of daily lows near 1.2650.

GBP/USD now looks to UK data

The pair is extending its weekly decline after briefly testing tops near 1.2780 on Monday, shedding over a cent so far while market sentiment remains mostly flat and slightly leaning towards the buck.

Spot has now turned negative for the week, reverting two consecutive advances although still navigates the upper end of the range.

Later in the session, UK Manufacturing Production and Industrial Production are due followed by the NIESR GDP Estimate. Across the pond, Mortgage Applications and JOLTs Job Openings are only due ahead of the EIA’s report on crude inventories.

GBP remains under pressure from the positioning side however, as speculative net shorts have climbed to 2-week highs during the week ended on November 29, according to the latest CFTC report.

GBP/USD levels to consider

As of writing the pair is retreating 0.22% at 1.2651 and a break below 1.2623 (low Dec.5) would open the door to 1.2519 (20-day sma) and then 1.2493 (55-day sma). On the flip side, the next resistance lines up at 1.2776 (high Dec.6) followed by 1.2790 (100-day sma) followed by 1.2862 (high Oct.4).