GBP/USD trims initial losses, eyes now on 1.3000

After bottoming out in the mid-1.2900s on Tuesday, GBP/USD managed to grab some buying interest and is now looking to regain the vicinity of the psychological barrier at 1.3000 the figure.

GBP/USD depressed by USD-buying

Spot is struggling for direction today amidst the recent bearish performance, which saw Cable losing ground for four consecutive sessions after being rejected from fresh cycle highs near 1.3270 earlier in the month.

The broad-based recovery of the greenback has been boosted yesterday after JOLTs Job Openings printed a record high above 6.1 million during June, giving extra wings to the buck and intensifying the selling bias around the risk-associated space.

Adding pressure to GBP, the recent back-and-forth regarding the UK’s ‘divorce’ bill seems to keep GBP-buyers at bay for the time being, all amidst an unusual silence around the Brexit negotiations.

Nothing expected data wise in the UK calendar today, while weekly mortgage applications, advanced Q2’s non-farm productivity and unit labor costs are due across the pond ahead of the EIA’s report on US crude supplies.

GBP/USD levels to consider

As of writing the pair is losing 0.02% at 1.2988 and a breach of 1.2953 (low Aug.8) would open the door to 1.2927 (50% Fibo of 1.2587-1.3266) and finally 1.2923 (55-day sma). On the flip side, the immediate up barrier emerges at 1.3057 (21-day sma) seconded by 1.3103 (10-day sma) and finally 1.3106 (23.6% Fibo of 1.2587-1.3266).