GBP/USD still weak, retreats from 1.3000

The demand for the British pound remains subdued today, with GBP/USD hovering over the 1.2949/50 band.

GBP/USD in red ahead of US data

Initial gains in the greenback has been trimmed so far, allowing the pair to gather some traction and abandon the area of overnight lows in the 1.2800 neighbourhood, although the upside seems to be limited in the 1.3000 region for the time being.

In the meantime, ‘Brexit’ fallout remains the exclusive driver behind the pair’s price action since Monday, sending GBP to levels traded over three decades ago around 1.2800.

Across the pond, the ADP report, ISM Non-manufacturing, trade balance figures and the FOMC minutes are all expected later.

GBP/USD levels to consider

As of writing the pair is losing 0.61% at 1.2940 facing the immediate support at 1.2797 (low Jul.6). On the other hand, the initial up barrier is located at 1.3118 (low Jun.27) followed by 1.3535 (low Jun.29) and finally 1.3911 (20-day sma).