GBP/USD back below 1.32 ahead of UK data

The softer tone around the greenback is allowing GBP/USD to post moderate gains in the 1.32 neighbourhood ahead of UK releases.

GBP/USD focus on data, US GDP

The pair is extending its consolidative theme between 1.3050 and 1.3280 so far this week, all against the backdrop of generalized USD-weakness and lack of clear direction in the global markets.

Despite ‘Brexit’ fears seem to have dwindled somewhat, GBP remains under pressure following poor results in key indicators and prospects of further easing by the BoE, most likely to be announced at the August meeting.

Ahead in the session, UK’s M4 Money Supply, Net Lending To Individuals, Mortgage Approvals and BoE’s Consumer Credit are all due ahead of US flash GDP during Q2.

GBP/USD levels to consider

As of writing the pair is gaining 0.11% at 1.3178 and a break above 1.3321 (23.6% Fibo of 1.5020-1.2796) would expose 1.3481 (high Jul.15) and finally 1.3535 (high Jun.29). On the other hand, the immediate support aligns at 1.3061 (low Jul.20) followed by 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6).