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Market bears made pips rain on the safe havens today as Asian session traders caught the risk aversion bug.

Can the pound find some support from today’s releases?

Before we check out Cable’s setup, you should first know the headlines that moved currencies during the Asian session:

Currency Snapshot

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • U.K.’s monthly GDP at 6:00 am GMT
  • U.K.’s manufacturing production at 6:00 am GMT
  • U.K.’s industrial production at 6:00 am GMT
  • Italy’s quarterly unemployment rate at 8:00 am GMT
  • Eurozone’s industrial production at 9:00 am GMT

What to Watch: GBP/USD

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

GBP/USD looks ready for a breather after breaking several trend support levels in the last trading sessions.

The 1.2650 is a good area to watch since it’s near the 200 SMA, previous support level, and a 38.2% Fib on the 1-hour chart.

If today’s lower-tier U.K. releases print in favor of the pound, then Cable can maximize its average daily ATR and hit the potential break-and-retest levels that we’re watching.

But if London session traders latch on to the risk aversion theme, then we could see GPB/USD make new lows closer to the 1.2500 previous areas of interest.