GBP/USD retakes 1.3000 on USD-selling

GBP/USD has quickly recovered the psychological handle at 1.3000 following a bout of selling pressure around the greenback.

GBP/USD still vulnerable near 1.30

The pair has reclaimed the 1.30 mark after dropping to fresh 4-week lows in the 1.2960 area earlier in the session. Increasing offered bias around the greenback continues to give support to the ongoing rebound in the riskier assets.

Further data in the UK docket saw the NIESR GDP Estimate at 0.3%, missing initial estimates at 0.4% and down from 0.6% previous.

GBP/USD levels to consider

As of writing the pair is retreating 0.35% at 1.2993 and a break below 1.2849 (low Jul.11) would allow a test of 1.2796 (2016 low Jul.6). On the flip side, the next up barrier lines up at 1.3373 (high Aug.3) followed by 1.3481 (high Jul.15) and finally 1.3535 (high Jun.29).