GBP/USD headed to 1.2850 amid US dollar bounce, Brexit-jitters
- Closely tracks broad US dollar price-action amid a lack of fresh macro news.
- Concerns over hard-Brexit keeps the gains in check, as bears guard 1.29 barrier.
The GBP/USD pair faced rejection once again just ahead of the 1.29 handle in Asia, now sending the rates back to test the 1.2850 support, as we head towards a data-empty UK docket.
Broad-based US dollar price-action remains the exclusive driver for Cable so far this week, in absence of fresh catalysts while markets ignore a better sentiment towards risk assets, as reflected by higher Asian equities.
The spot is seen extending its corrective slide further below the 1.29 handle, as the US dollar stages a comeback against its main peers from four-week lows of 94.68 reached earlier today.
More so, looming concerns over a hard-Brexit landing, as the UK government prepares for a no-Brexit deal, further adds to the weight on the GBP, keeping the upside attempts short-lived.
Looking ahead, the pair eagerly awaits the US CB consumer confidence, good trade balance and the UK BRC Shop Price Index for August for fresh trading impetus.
GBP/USD Technical Levels
FXStreet’s Chief Analyst, Valeria Bednarik, notes: “The pair is neutral-to-bullish according to technical readings in the 4 hours chart, as it managed to advance above a still flat 20 SMA, while technical indicators entered positive territory, but the RSI already lost upward strength. A key resistance comes around 1.2935, the 38.2% retracement of the July/August decline, and where the pair met sellers last week. A continued advance above it exposes 1.3010, the 50% retracement of the mentioned slide. Support levels: 1.2845 1.2800 1.2770. Resistance levels: 1.2935 1.2960 1.2990.”
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