GBP/USD tumbles to lows near 1.3260

A bout of buying pressure around the US Dollar is sending GBP/USD to the lower bound of the range near 1.3260 on Friday.

GBP/USD in weekly lows

The pair is retreating for the third session in a row after being rejected from multi-week tops above the 1.3400 handle earlier in the week, as the demand for the greenback is seeing a strong rebound in the European afternoon.

Spot met increasing downside pressure in line with the rest of the risk-associated assets after Boston Fed President E.Rosengren (voter, dovish) said that gradual rate hikes by the Fed seem appropriate at his speech today.

GBP/USD levels to consider

As of writing the pair is retreating 0.24% at 1.3264 and a breakdown of 1.3205 (support line off July’s top) would aim for 1.3167 (20-day sma) and finally 1.2863 (low Aug.15). On the flip side, the next hurdle is located at 1.3447 (high Sep.6) followed by 1.3481 (high Jul.15) and then 1.3646 (38.2% of the post-Brexit down move).