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   “¢   Disappointing UK macro data further dents the already weaker sentiment around GBP.
   “¢   A modest USD pull-back from multi-week tops helped limit deeper losses, at least for now.
   “¢   Investors still seemed reluctant to place aggressive bets amid persistent Brexit uncertainties.

The GBP/USD pair held on to its disappointing UK macro data-led weakness and is currently placed at the lower end of its daily trading range, around the 1.2900 handle.

The British Pound remained depressed at the start of a new trading week and weakened further, dropping to an intraday low level of 1.2894 against the buck, in a knee-jerk reaction to today’s dismal UK macro releases.

The downtick, however, turned out to be rather short-lived, with a modest US Dollar pull-back from multi-week tops prompting some short-covering move during the mid-European trading session.

The greenback failed to capitalize on the early up-move and was now being weighed down by a slight improvement in risk-sentiment, further reinforced by a goodish pickup in the US Treasury bond yields.

Meanwhile, the pair lacked any firm directional bias and remained well within the post-BoE trading range as investors still seemed reluctant to place any aggressive bets amid persistent Brexit uncertainties.

Hence, it would be prudent to wait for a strong follow-through selling or a sustained move beyond the key 1.30 psychological mark before positioning for the pair’s next leg of a directional move.

Technical levels to watch


       Today Last Price:  1.2917
       Today Daily change %:  -0.14%
       Today Daily Open:  1.2935
       Daily SMA20:  1.3002
       Daily SMA50:  1.2812
       Daily SMA100:  1.2891
       Daily SMA200:  1.3024
       Previous Daily High:  1.2976
       Previous Daily Low:  1.2921
       Previous Weekly High:  1.3103
       Previous Weekly Low:  1.2854
       Previous Monthly High:  1.3214
       Previous Monthly Low:  1.2438
       Daily Fibonacci 38.2%:  1.2942
       Daily Fibonacci 61.8%:  1.2955
       Daily Pivot Point S1:  1.2912
       Daily Pivot Point S2:  1.2889
       Daily Pivot Point S3:  1.2856
       Daily Pivot Point R1:  1.2967
       Daily Pivot Point R2:  1.3
       Daily Pivot Point R3:  1.3023