GBP/USD fails once again near 1.3100

GBP/USD extends its side-trend into the Asian trades this Monday, having failed yet another attempt to rise above 1.31 handle.

GBP/USD holds above daily pivot at 1.3076

Currently, GBP/USD rises +0.15% at 1.3089, struggling to take on post-NFP recovery above 1.31 barrier. The cable’s recovery from post-NFP lows at 1.3022 lacks follow-through as the bulls maintain a cautious approach ahead of the Chinese trade data, which is likely to have a significant impact on the overall market sentiment.

Moreover, BOE’s further stimulus measures coupled with better-than expected US employment data also continue to undermine the GBP/USD pair. The US non-farm payrolls rose by 255,000 in July, significantly up from the expected market consensus of 181,000.

Looking ahead, markets await the UK manufacturing and industrial production data due tomorrow, in absence of relevant data for the major to be released today.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3100 (round figure), above which 1.3135 (5-DMA) would be tested. On the flip side, support is seen at 1.3064/59 (daily low & S2) below that at 1.3022 (post-NFP low).