GBP/USD: moves into a lower bracket, 1.30 broken

GBP/USD is threatening a break below the 1.30 level after already scoring approximately 50 pips below there on the dovish comments from BoE MPC member McCafferty. 

Meanwhile, the dollar is a mixed bag with mixed signals from the US economy. In an environment where most data is weak, including Q2 GDP and the negative revisions to prior quarters, the nonfarm payrolls headline has been improving in June and July reports. 

The weaker the economy is, the more jobs the US economy seems to create?

GBP/USD targets

Analysts at Scotiabank explained that the weakness in the GBP points towards support at 1.2818, the early July low. "But we think there is immediate risk for Cable to the low 1.27s", they explained.

How volatile has GBP/USD been?

On the hourly GBP/USD chart, ATR (14) is presently at 24 pips, while 2-Standard Deviation Volatility Bandwidth is shrinking and currently 61 pips.
On a daily chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 342 pips. Over the past four weeks, 24 pips has been the average movement for the current session. Following the four week period average, today’s most volatile hour was between 7:00-8:00 GMT which has an average movement of 52 pips.

What price levels and patterns have to be considered?

Spot is presently trading at 1.3004, and next resistance can be seen at 1.3013 (Daily Classic S1), 1.3028 (Yesterday's Low), 1.3040 (Daily Open), 1.3041 (Weekly Low) and 1.3051 (Daily High). Support below can be found at 1.3002 (Hourly 20 EMA), 1.2999 (Monthly Low), 1.2986 (Daily Classic S2), 1.2956 (Daily Low) and 1.2943 (Daily Classic S3).  Regarding candlestick formations, we can see Hammer formation on the 4-hour.