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The GBP/USD pair surrendered all of its early gains to the key 1.30 psychological mark and dropped to fresh session lows during the early European session.
Currently trading around the 1.2975-70 region, testing session lows, the pair's slide from daily tops lacked any fresh fundamental driver and hence, could be solely attributed to a modest greenback recovery. In fact, the key US Dollar Index has managed to recover early losses, led by mounting geopolitical tensions between the US and N. Korea, and has been one of the key factor weighing on the major.
• US Dollar firmer, in daily highs around 93.40 ahead of CPI
Meanwhile, the sentiment around the British Pound remains weak in wake of last week's perceived dovish BOE quarterly inflation report and persistent Brexit uncertainties, which is evident from the recent price action.
The pair has repeatedly failed to gain any strong follow traction and has been facing some fresh supply at higher levels, clearly suggesting that the near-term depreciating move might still be far from over. The bearish bias, however, would be confirmed only once the pair decisively breaks below 50-day SMA strong support near the 1.2935-30 region.
• GBP/USD rallies seen struggling around 1.3035/55 – Commerzbank
Hence, traders would remain focused on the very important release of US consumer inflation figures, which would determine the Fed's next monetary policy action and eventually help the pair to break through the recent trading range.
• US: CPI likely increased to 1.7% y/y in July – Danske Bank
Technical levels to watch
Immediate strong support remains near the 1.2935-30 region, below which the pair is likely to accelerate the fall even below the 1.2900 handle towards its next support near mid-1.2800s. On the upside, any recovery move back above the 1.30 handle might continue to confront some fresh supply near 1.3030 level, which if cleared might trigger a short-covering rally and could assist the pair to head back towards reclaiming the 1.3100 handle.
