GBP/USD tumbles to lows near 1.2920 on UK data

The British Pound is accelerating its daily downside, dragging GBP/USD to fresh daily lows in the 1.2920 region.

GBP/USD offered on poor data

Cable met further selling pressure after poor figures from the UK docket today. In fact, industrial and manufacturing production came in short of expectations for the month of May, contracting 0.1% and 0.2%, respectively on a monthly basis.

Further data saw the trade deficit widening to £11.86 billion in May from April’s £10.60 billion. Construction output also missed consensus, contracting at a monthly 1.2% during the same period

Today’s data add to the lower-than-expected PMI gauges seen earlier in the week, forcing the pair to erode further yesterday’s advance.

In the data space, all the attention will be on June’s payrolls (179K exp.) following yesterday’s disappointing ADP figures.

In addition, the 2-day G20 meeting starts today, featuring the meeting between D.Trump and V.Putin as the salient event.

GBP/USD levels to consider

As of writing the pair is retreating 0.36% at 1.2923 facing the next support at 1.2890 (low Jul4) seconded by 1.2874 (55-day sma) and finally 1.2862 (38.2% of 1.2587-1.3032). On the upside, a breakout of 1.3032 (high Jun.30) would open the door to 1.3051 (2017 high May 18) and then 1.3125 (high Sep.22 2016).