GBP/USD sticks to session lows near 1.2530

The offered bias around the Sterling remains well and sound on Friday, with GBP/USD hovering over daily lows in the 1.2530 region.

GBP/USD focus on Trump/May meeting

The pair has accelerated its weekly correction lower today, shedding more than a cent from multi-week tops seen on Thursday at 1.2680 to current lows in the 1.2530 zone, all amidst a broad-based recovery of the greenback.

The upside momentum around GBP has been sustained by mitigated fears around a ‘hard Brexit’ outcome from the upcoming negotiations to leave the European Union, all in response to a softer-than-expected tone from the recent speech by PM T.May and the subsequent ruling of the UK Supreme Court against the government. 

Furthermore, the British Pound has been deriving extra support from UK fundamentals in past months, which keep showing a significant resilience in spite of the uncertainty following the Brexit vote.

GBP/USD levels to consider

As of writing the pair is losing 0.56% at 1.2529 and a break below 1.2499 (100-day sma) would aim for 1.2488 (low Jan.25) and finally 1.2417 (55-day sma). On the flip side, the immediate support aligns at 1.2680 (high Jan.26) followed by 1.2729 (high Dec.13) and then 1.2776 (high Dec.6).