GBP/USD rejected near 1.3260, drops to test NY low

The selling pressure behind the GBP appears to ease a bit, with the GBP/USD pair moving-off lows in response to a tepid recovery staged by oil prices.

GBP/USD: CBI realized sales in focus

Currently, GBP/USD trades modestly flat at 1.3226, meandering near session lows previously struck at 1.3220. The cable ran through fresh supply ahead of 1.3260 levels, and fell sharply lower in a bid to test the NY low reached at 1.3221.

Moreover, increased jitters ahead of the Jackson Hole Symposium, keeps the traders on the side-lines. While a broadly subdued US dollar fails to underpin the sentiment around the GBP/USD pair.

Next of note for the major remains the UK CBI realized sales and US durable goods orders data for further impetus. However, the main markets moving event for today remains the Jackson Hole symposium, with all eyes on Yellen’s speech due on Friday.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3250/66 (round number/ daily R1), above which 1.3300 (round figure) would be tested. On the flip side, support is seen at 1.3200 (round number) below that at 1.3171 (5-DMA).