GBP/USD soggy below 1.2800 ahead of data, Jackson Hole

The Sterling is alternating gains with losses on Thursday, prompting GBP/USD to navigate a narrow range below the 1.2800 handle.

GBP/USD focus on UK GDP, Jackson Hole

Cable is posting its third daily pullback in a row so far today, trading in the area of 2-month lows around 1.2800/1.2790 amidst some recovery in the greenback ahead of the Jackson Hole Symposium.

Renewed Brexit fears plus a deterioration of the picture around the British Pound has been weighing on the pair as of late, which has already shed more than 3% since fresh cycle tops near 1.3270 recorded earlier in the month.

GBP should remain under pressure today in light of the release of advanced UK’s GDP figures during the April-June period. Prior surveys expect the economy to expand 0.3% inter-quarter and 1.7% on a yearly basis. Other data today include mortgage approvals, business investment and index of services.

In the US docket, the Jackson Hole Symposium kicks in later today, with the main focus of attention on the speeches by ECB’s M.Draghi and Fed’s J.Yellen (Friday).

GBP/USD levels to consider

As of writing the pair is losing 0.14% at 1.2781 and a break below 1.2747 (76.4% Fibo of 1.2587-1.3266) would open the door to 1.2652 (200-day sma) and finally 1.2587 (low Jun.21). On the upside, the next hurdle aligns at 1.2879 (10-day sma) followed by 1.2920 (high Aug.18) and then 1.2923 (55-day sma).