GBP/USD dips to lows near 1.2950 ahead of UK data

The Sterling is losing its shine at the end of the Asian session, now dragging GBP/USD to the area of daily lows in the 1.2960/50 band.

GBP/USD looks to UK data, NFP

Cable moved sideways during the Asian trading hours at the end of the week, keeping the trade in the upper end of the recent range, although gains remain so far capped around 1.2980 (Thursday’s tops).

Choppy week for the pair so far, recovering some ground after dropping to sub-1.2900 levels on Wednesday. GBP suffered the poor results from PMIs gauges during the month of June, while a moderate recovery of the greenback in the first half of the week collaborated with the erratic performance.

Looking ahead, industrial and manufacturing production are due in the UK docket seconded by construction output and the NIESR GDP estimate. In the US, all the attention will be on June’s payrolls (179K exp.) following yesterday’s disappointing ADP figures.

In addition, the 2-day G20 meeting starts today, featuring the meeting between D.Trump and V.Putin as the salient event.

GBP/USD levels to consider

As of writing the pair is retreating 0.11% at 1.2956 facing the next support at 1.2927 (23.6% Fibo of 1.2587-1.3032) followed by 1.2921 (10-day sma) and finally 1.2890 (low Jul.4). On the upside, a breakout of 1.3032 (high Jun.30) would open the door to 1.3051 (2017 high May 18) and then 1.3125 (high Sep.22 2016).