GBP/USD eases to lows near 1.3020 ahead of UK data

The Sterling has faded the positive start and is now dragging GBP/USD to the area of daily lows in the 1.3030/20 band.

GBP/USD attention to data

Spot is retracing part of yesterday’s significant upside to multi-day tops in the mid-1.3000s in response to a better tone around USD. In fact, the greenback has managed to rebound from Wednesday’s deep pullback, snapping at the same time a 3-session negative streak and putting once again the risk-associated space under pressure.

Later in the session, UK’s labour market results are due ahead of the FOMC minutes expected in the European evening. Market consensus expects the ILO unemployment rate to have stayed put at 4.9% in the three months ended in June, while Claimant Count Change is seen up by 9.5K in July.

GBP/USD levels to consider

As of writing the pair is losing 0.10% at 1.3034 and a breakdown of 1.2863 (low Aug.15) would open the door to 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6). On the flip side, the next up barrier aligns at 1.3052 (high Aug.16) followed by 1.3109 (20-day sma) and finally 1.3373 (high Aug.3).