GBP/USD weaker, breaches 1.3300

• GBP now tumbles to lows in sub-1.3300 levels.
• Cable weaker on USD demand.

The selling pressure around the riskier assets is gathering traction on Tuesday and is now forcing GBP/USD to retreat to the area of session lows in sub-1.3300 levels.

GBP/USD down on USD buying, Brexit jitters

Cable is down almost a cent since yesterday’s fresh multi-week tops in the 1.3380 area, dragged lower by a continuation of the bid tone around the greenback.

In addition, Brexit jitters appear somewhat reignited following talks around the so-called Irish ‘hard border’, which are also weighing on GBP sentiment.

Further out, the OECD now sees the UK economy expanding 1.5% this year and 1.2% in 2018.

Earlier in the session, BoE’s M.Carney argued that banks should be able to lend through disorderly Brexit. Governor Carney held a press conference under the BoE’s Financial Stability Report.

Nothing scheduled today in the UK docket, while the speech by next Fed Chief J.Powell should grab all the attention later in the NA session.

GBP/USD levels to consider

As of writing, the pair is losing 0.14% at 1.3298 facing the next down barrier at 1.3279 (low Nov.24) seconded by 1.3267 (10-day sma) and then 1.3210 (21-day sma). On the upside, a break above 1.3382 (high Nov.27) would open the door to 1.3447 (high Sep.6 2016) and finally 1.3658 (2017 high Sep.20).