GBP/USD puts 1.2400 under pressure, US data eyed

GBP/USD remains entrenched into the negative territory on Monday, gyrating around the 1.2400 key support ahead of US releases.

GBP/USD attention to US docket

The Sterling has been under increasing selling pressure since the beginning of the Asian session following news that Scotland could call for second independence referendum.

Despite the UK government has later talked down that possibility, the rumours seem to have been enough to prompt Brexit fears to re-emerge and thus drag GBP to fresh 2-week lows vs. the buck.

Nothing scheduled today in the UK docket, while market participants should start to focus on the speech by President D.Trump (Tuesday) as the immediate event risk for the pair.

Today’s data across the pond include Pending Home Sales, Durable Goods Orders and the Dallas Fed index along with the speech by Dallas Fed R.Kaplan (voter, hawkish).

On the positioning front, GBP stayed under pressure during the week ended on February 21, as speculative net shorts have increased to the highest level since mid-December.

GBP/USD levels to consider

As of writing the pair is losing 0.42% at 1.2410 and a break below 1.2385 (low Feb.27) would aim for 1.2379 (low Feb.15) and finally 1.2344 (low Feb.7). On the upside, the next resistance lines up at 1.2498 (20-day sma) followed by 1.2571 (high Feb.24) and then 1.2585 (high Feb.9).