GBP/USD off-lows, re-takes 1.3050

GBP/USD witnessed a consolidative phase in the Asian trades this Monday, and finally broke to the downside in Europe, before finding some support to recover above the mid-point of 1.30 handle.

GBP/USD trades below all majors DMAs

Currently, GBP/USD drops -0.19% to 1.3047, recovering losses after having dipped to session lows at 1.3032 in the last hour. The cable found fresh bids just ahead of the post-NFP lows reached at 1.3022 levels, and now attempts a minor-recovery near 1.3050 barrier, with the bulls underpinned by the risk-on rally in the European equities and soaring oil prices.

The GBP/USD pair came under fresh selling pressure in Europe, as markets continue to favour the US currency, in response to upbeat US payrolls data, which brought Sept/Dec Fed rate hike expectations back on the table.

Data-wise, all eyes remain on the UK manufacturing and industrial production data due tomorrow, while US LMCI data will be eyed later in the US session today.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3100 (round figure), above which 1.3135 (5-DMA) would be tested. On the flip side, support is seen at 1.3022 (post-NFP low) below that at 1.3000 (round figure).