GBP/USD keeps falling, breaches 1.3100

Pablo Piovano FXStreet

GBP/USD’s decline is now picking up pace, currently breaking below the 1.3100 handle, or 2-session lows.

GBP/USD much weaker post-PMI

The pair us now accelerating its march south, as the poor result from the advanced key Services PMI in June continues to weigh on the demand for GBP. Spot has already shed around two cents from earlier tops in the boundaries of the 1.3300 handle.

Further news from the G20 draft communiqué stated that the recent ‘Brexit’ vote could collaborate with the global uncertainty.

In the US data space, only the advanced Markit’s Manufacturing PMI is due later, expected to improve to 51.6 during July.

GBP/USD levels to consider

As of writing the pair is losing 1.03% at 1.3096 and a break below 1.3061 (low Jul.20) would aim for 1.2849 (low Jul.11) and then 1.2796 (2016 low Jun.24). On the flip side, the next hurdle aligns at 1.3287 (high Jul.22) followed by 1.3321 (23.6% Fibo of 1.5020-1.2796) and finally 1.3481 (high Jul.15).

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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