The British pound remains under downside pressure against the greenback on the first trading day of the month, with ongoing Brexit concerns and US dollar strength weighing on sterling. Sellers continue to look for a sustained break of the 1.3000 level, while buyers need to stabilize price above the 1.3054 level. Traders now await the release of the UK Manufacturing PMI for the month of September, with expectation tilted to the upside.
The GBPUSD pair is strongly bearish while trading below the 1.3000 level, key support is found at the 1.2972 and 1.2919 levels.
If the GBPUSD pair moves above the 1.3054 level, we may see a correction towards the 1.3094 and 1.3120 levels.
