GBP/USD looks to consolidate above 1.3300

The sterling has recovered the smile so far today, with GBP/USD regaining the 1.3300 handle after bottoming out around 1.3120 on Monday.

GBP/USD focus on EU Summit

After testing fresh lows in levels last seen over three decades ago, the pair has managed to gather some traction and returned to the area above the 1.3300 barrier following a mild bias towards the risk-on trade during overnight trading.

All eyes will be on the EU Leaders Summit due later today, where members will discuss the recent ‘Brexit’ vote, future steps and implications for both sides.

Further news noted agencies S&P and Fitch have stripped the UK from its AAA credit rating.

GBP/USD levels to consider

As of writing the pair is advancing 0.61% at 1.3307 and a break above 1.3833 (previous 2016 low Feb.29) would expose 1.4004 (low Apr.6) and then 1.4244 (20-day sma). On the other hand, the next support aligns at 1.3224 (post-Brexit low Jun.24) followed by 1.3126 (low J un.27).