GBP/USD dipped to 1.2230 as sellers keep the pressure

The selling pressure around the Sterling has now intensified, sending GBP/USD to the 1.2230 region.

GBP/USD weaker ahead of Payrolls

Spot remains entrenched in the negative territory at the end of the week, navigating levels last seen more than three decades ago around the 1.2300 neighbourhood, managing to regain some interest (?) after the overnight plunge to the sub-1.19 region.

Poor results from Manufacturing Production and Industrial Production in the UK have added to the current GBP weakness, ahead of the NIESR GDP Estimate expected later in Europe.

On the USD-side, September’s Non-farm Payrolls are up next (172K exp.) ahead of speeches by FOMC’s VP S.Fischer, Cleveland Fed L.Mester (voter, centrist/hawkish) and Kansas City E.George (voter, hawkish).

GBP/USD levels to consider

As of writing the pair is losing 2.31% at 1.2326 with the next support at 1.1841 (low Oct.7). On the flip side, a breakout of 1.2772 (high Oct.5) would expose 1.2920 (near term resistance line) and finally 1.2972 (20-day sma).