GBP/USD drops towards 1.3000 as USD regains poise
|The GBP/USD pair extends its retreat from OPEC deal-led risk-on rally, and now heads south in a bid to test 1.3000 support amid resurgence of demand for the greenback.
GBP/USD awaits US GDP report
Currently, GBP/USD turns negative and hovers near daily lows truck at 1.3013 some minutes ago, eyeing a break below 1.30 handle. The bearish pressure behind the cable intensified over the last few hours, with traders reversing almost entire rally backed by OPEC agreement driven risk-on sentiment.
Moreover, the latest leg lower in the GBP/USD pair can be partly attributed to renewed strength witnessed in the US dollar index, a relative measure of greenback’s strength.
Markets now await the net lending to individuals and mortgage approvals data from the UK docket, while the US
GBP/USD Levels to consider
The pair has an immediate resistance at 1.3058 (daily high), above which 1.3090 (Sep 23 high) and 1.3125 (Sep 22 high) would be tested. On the flip side, support is seen at 1.3000 (round figure) below that at 1.2943 (Sept 21 low) and at 1.2943 (Sept 21 low).
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