GBP/USD regains 1.3200 and above

The Sterling has recovered the smile at the beginning of the week, now pushing GBP/USD further north of the 1.3200 handle.

GBP/USD supported near 1.3190

The pair dipped to the area of 1.3190 in early trade in response to the events from Turkey over the weekend, although it has managed to quickly revert the negative start and advance further beyond 1.3200 the figure along with the rest of the risk-associated space.

With risks surrounding the ‘Brexit’ vote somewhat mitigated, GBP will now look to the BoE and its potential easing measures (likely to be announced at the August meeting) as the main catalysts of the pair’s direction in the near to medium term.

GBP/USD levels to consider

As of writing the pair is gaining 0.40% at 1.3235 facing the next resistance at 1.3481 (high Jul.15) followed by 1.3535 (high Jun.29) and finally 1.3646 (38.2% Fibo of 1.5020-1.2796). On the flip side, a breakdown of 1.3101 (low Jul.14) would expose 1.2849 (low Jul.11) and then 1.2797 (20916 low Jul.6).