GBP/USD backs away from 1.3000

Following a failed attempt to regain the 1.30 mark, GBP/USD resumed the decline and fell to fresh session lows as the greenback strengthened following better-than-expected US ISM services PMI data.

US ISM non-manufacturing PMI rose to 56.5 in June from 52.9 in May, posting the highest reading in 7 months and beating expectations of 53.3.

Cable stretched lower, sliding back below 1.29 to a session though of 1.2870 in recent dealings, after failing to confirm the bounce from 31-year lows as it was rejected from 1.3015.

GBP/USD levels to consider

In terms of technical levels, immediate supports are seen  at 1.2797 (Jul 6 low) and 1.2700 (psychological level). On the other hand, resistances line up at 1.3015 (Jul 6 high),  1.3119 (Jun 27 low) and 1.3430 (10-day SMA).