GBP/USD weaker, risks a test of 1.3300

GBP/USD continues to lose ground on Thursday, now coming down to test session lows near 1.3310.

GBP/USD upside capped at 1.3380

Spot could not sustain the earlier advance to tops in the vicinity of 1.3380, sparking the current leg lower to the 1.3320/10 band.

Collaborating with the downside in Cable, EUR/GBP is extending its sharp rebound to the 0.8500 neighbourhood, posting at the same time new multi-day peaks following the upside momentum in EUR after the ECB left unchanged its monetary stance at today’s meeting.

GBP/USD levels to consider

As of writing the pair is losing 0.09% at 1.3328 and a breakdown of 1.3205 (support line off July’s top) would open the door to 1.3167 (20-day sma) and finally 1.2863 (low Aug.15). On the other hand, the initial up barrier aligns at 1.3447 (high Sep.6) followed by 1.3481 (high Jul.15) and then 1.3646 (38.2% of the post-Brexit down move).