GBP/USD around 1.2800 on UK releases

The demand for the Sterling stays depressed on Wednesday, with GBP/USD still hovering over the 1.2800 handle in the wake of UK data releases.

GBP/USD offered on data

Cable stayed apathetic after mixed results in the UK docket showed net lending to individuals dropped to £4.3 billion MoM in April and consumer credit came in above expectations at £1.52 billion during the same period.

Additional data saw mortgage approvals deflating to 64.645K during last month and M4 money supply expanding at a monthly 1.2%.

GBP remains under pressure following latest poll results, which keep showing a slight gap favouring Conservatives over Labour in the run up to the general elections on June 8.

GBP/USD levels to consider

As of writing the pair is losing 0.47% at 1.2797 facing the immediate support at 1.2772 (low May 26) followed by 1.2758 (low Apr.21) and then 1.2719 (55-day sma). On the flip side, a breakout of 1.2853 (high May 29) would aim for 1.2921 (20-day and finally 1.2949 (high May 26).