GBP/USD depressed near 3-decade troughs, UK PMI eyed

The GBP/USD pair is seen trying hard to extend the tepid-recovery from multi-decade lows, as we head into early European trading,  

GBP/USD: A break below 1.2700 likely?

The cable continues to trade in close proximity to the lowest levels since 1985 reached at 1.2721 a day before, with the bulls struggling to break above 1.2750 barrier, which now acts as a strong support-turned resistance level. At the time of writing, GBP/USD trades marginally higher at 1.2734, recording a +0.06% gain on the day.

The pound remains suppressed against its American peers, despite recent series of upbeat UK fundamentals, as the Brexit-process led uncertainty continues to weigh heavily on the domestic currency.

Next of note for the major remains the UK services PMI due later today, which will be followed by the ADP jobs and factory orders data from the US docket.

GBP/USD Levels to consider            

The pair has an immediate resistance at 1.2800 (key support-turned resistance), above which at 1.2850 (psychological levels) and next at 1.2900 (round number). The next key support is seen at 1.2700 (1985 levels).