GBP/USD up smalls, looks to regain 1.3050

The British Pound seems to recover the smile on Tuesday, with GBP/USD reverting yesterday’s pullback and advancing to the 1.3050 area.

GBP/USD bid on USD-selling

After three consecutive sessions with losses, Cable is managing to post some gains amidst a continuation of the selling bias around the greenback and absence of headlines from the UK politics/Brexit.

In fact, the US Dollar stays on the defensive albeit within familiar range after climbing to fresh mul-ti-day tops in response to the solid print from July’s non-farm payrolls (222K) published last Friday.

In the meantime, the pair is navigating the lower bound of the recent range, finding strong contention in the 1.3000 neighbourhood, while market participants continue to see recent highs near 1.3270 as a potential interim top.

Absent significant releases in both the UK and the US, market sentiment and risk appetite trends are expected to drive the pair’s price action ahead in the session.

GBP/USD levels to consider

As of writing the pair is up 0.06% at 1.3043 facing the immediate up barrier at 1.3106 (23.6% Fibo of 1.2587-1.3266) seconded by 1.3122 (10-day sma) and finally 1.3166 (high Aug.4). On the downside, a breach of 1.3014 (low Aug.7) would open the door to 1.3007 (38.2% Fibo of 1.2587-1.3266) and finally 1.2930 (low Jul.20).