GBP/USD tests 1.3000 on UK GDP, session lows

The British Pound is now losing the shine, taking GBP/USD to the 1.3000 neighbourhood following the publication of UK’s GDP figures.

GBP/USD weaker on ‘in line’ data

Cable is struggling to keep the 1.3000 handle after UK’s GDP figures showed the economy is expected to expand 0.3% in the April-June period and 1.7% on an annualized basis.

Further data saw mortgage approvals beating estimates at 40.2K in June while the index of services rose 0.4% 3M/3M in May.

In the meantime, spot is extending its sideline theme above the psychological 1.3000 handle amidst the continuation of the USD recovery and ahead of the key FOMC meeting later in the European evening.

GBP/USD levels to consider

As of writing the pair is losing 0.14% at 1.3009 facing the immediate support at 1.2999 (23.6% Fibo of 1.2587-1.3127) seconded by 1.2972 (21-day sma) and finally 1.2930 (low Jul.20). On the flip side, a break above 1.3084 (high Jul.25) would open the door to 1.3115 (high Jul.14) and finally 1.3127 (2017 high Jul.18).