GBP/USD clings to 1.3200 ahead of ECB

The British pound remains on the defensive today, with GBP/USD now gyrating around the boundaries of the 1.3200 handle.

GBP/USD cautious ahead of ECB

The demand for GBP remains subdued today after UK’s Retail Sales have disappointed expectations during June, contracting more than initially estimated and promoting spot to abandon the area of daily highs in the vicinity of 1.3280.

Ahead in the session, markets remain cautious ahead of the ECB meeting and its impact on the broader risk appetite trends, which could be pivotal for the global sentiment in the near term.

GBP/USD levels to consider

As of writing the pair is retreating 0.08% at 1.3196 with the immediate support at 1.3065 (low Jul.20) followed by 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6). On the flip side, a break above 1.3481 (high Jul.15) would aim for 1.3535 (high Jun.29) and finally 1.3646 (38.2% Fibo of 1.5020-1.2796).