GBP/USD probing session lows near 1.2980, UK data eyed

The Sterling has resumed the downside on Thursday, now dragging GBP/USD to test the area of daily lows in the 1.2980 region ahead of the opening bell in the Old Continent.

GBP/USD attention to data

Cable is navigating the lower end of the recent range amidst a clear bearish note after being rejected from last week’s fresh cycle tops near 1.3270.

GBP has faded yesterday’s advance in a context where the greenback continues to recover ground lost as of late, while domestic jitters around Brexit seems to cap the upside just beyond 1.3000 the figure.

In addition, the recent pick up in the risk-off trade following North Korean headlines has been also weighing on Cable via a lower GBP/JPY.

Looking ahead, UK’s industrial and manufacturing production figures are due later in the session seconded by June’s trade balance results and the NIESR GDP Estimate. Across the pond, the usual report on initial claim is next on tap followed by producer prices and the speech by NY Fed W.Dudley (permanent voter, dovish).

GBP/USD levels to consider

As of writing the pair is losing 0.25% at 1.2973 and a breach of 1.2953 (low Aug.8) would open the door to 1.2927 (50% Fibo of 1.2587-1.3266) and finally 1.2925 (55-day sma). On the flip side, the immediate up barrier emerges at 1.3028 (high Aug.9) seconded by 1.3063 (21-day sma) and finally 1.3096 (10-day sma).