GBP/USD drops further to 1.2960, NIESR eyed

GBP/USD has resumed its dayly decline to the 1.2960 region after a failed bullish attempt to the 1.2975/80 band.

GBP/USD in 4-week lows

GBP remains under pressure and has dragged spot to fresh multi-week lows so far, opening the door for a potential test of 31-year lows just below the 1.2800 handle (low July 4).

Mixed results from UK’s Industrial and Manufacturing Production earlier in the day have added to the already downbeat mood surrounding the Sterling, ahead of the NIESR GDP Estimate expected later in the session.

GBP/USD levels to consider

As of writing the pair is retreating 0.59% at 1.2962 and a break below 1.2849 (low Jul.11) would allow a test of 1.2796 (2016 low Jul.6). On the flip side, the next up barrier lines up at 1.3373 (high Aug.3) followed by 1.3481 (high Jul.15) and finally 1.3535 (high Jun.29).