GBP/USD putting 1.30 to the test, session lows

Pablo Piovano FXStreet

The Sterling is losing the grip at the beginning of the week, now dragging GBP/USD to the lower bound of the range around 1.3000 the figure.

GBP/USD supported near 1.2930

Cable is extending its sideline theme around the psychological 1.3000 handle today, while it remains well underpinned by the area near 1.2930, where sits the 55-day sma for the time being.

Absent significant releases or important events in the UK as of late, the pair has been looking to USD-dynamics for direction, where speculations of a potential move by the Federal Reserve at some point in Q4 2017 have been key in driving markets’ sentiment.

Ahead in the week, GBP should stay under scrutiny in light of the publication of inflation figures tracked by the CPI (Tuesday), labour market report (Wednesday) and July’s retail sales (Thursday).

Across the pond, July’s retail sales will be the salient point tomorrow along with the NY Expire State index.

GBP/USD levels to consider

As of writing the pair is flat at 1.3009 facing the next hurdle at 1.3063 (high Aug.7/10-day sma) seconded by 1.3106 (23.6% Fibo of 1.2587-1.3266) and finally 1.3166 (high Aug.4). On the other hand, a breakdown of 1.2937 (low Aug.11) would open the door to 1.2931 (55-day sma) and finally 1.2855 (100-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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