GBP/USD testing 1.2920/10, session lows

The British Pound is now under renewed selling pressure, dragging GBP/USD to test the area of session lows near 1.2920.

GBP/USD weaker ahead of UK elections

Spot is facing fresh sellers following a moderate rebound in the demand for the greenback, all in response to a dovish tone from the European Central Bank at today’s meeting.

In fact, the ECB failed to deliver the somewhat hawkish message today, leaving the QE programme unchanged, while it revised down its forecasts for inflation and bettered the GDP prospects for the upcoming years.

Back to the UK, general elections are under way and exit poll results are expected to hit the wires around 9PM GMT.

GBP/USD levels to consider

As of writing the pair is losing 0.31% at 1.2919 facing the immediate support at 1.2885 (low Jun.7) followed by 1.2845 (low Jun.5) and finally 1.2767 (low May 31). On the other hand, a breakout of 1.2969 (high Jun.6) would aim for 1.3013 (high May 25) and then 1.3051 (2017 high May 18).