GBP/USD weaker, wobbles around 1.3100

The Sterling remains unable to benefit from the broad-based USD-weakness so far, with GBP/USD gyrating around the 1.3100 handle.

GBP/USD depressed by easing chatter

GBP has accelerated its downside following comments by MPC member M.Weale, who left the door open for additional easing measures most likely to be announced at the BoE meeting in August.

Spot has managed to bounce off daily lows in the 1.3080 area, although the recovery appears so far capped in the vicinity of 1.3130.

Absent releases in the UK docket today, the focus of attention will be across the Atlantic, where the S&P/Case-Shiller index, flash Services PMI, New Home Sales and CB’s Consumer Confidence are all due later in the NA session.

GBP/USD levels to consider

As of writing the pair is advancing 0.21% at 1.3112 and a break below 1.3061 (low Jul.20) would aim for 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6). On the other hand, the next up barrier aligns at 1.3321 (23.6% Fibo of 1.5020-1.2796) followed by 1.3481 (high Jul.15) and finally 1.3535 (high Jun.29).