GBP/USD fades a spike to 1.3215 in Asia

Dhwani Mehta FXStreet

A renewed bout of buying interest seen behind the GBP/USD pair appears to have waned near 1.3215 region, sending the major back below 1.32 handle.

GBP/USD: Upside capped by weaker GBP/JPY

Currently, GBP/USD rises +0.24% to 1.3195, unable to resist above 1.32 handle. The cable remains well bid, although trimmed gains over the last hour, largely on the back of heavy GBP/JPY selling expectant of the BOJ decision.

Moreover, the major remains supported on the back of broad based US dollar weakness and a minor-recovery attempt seen in the oil prices. Focus now remains on the BOJ decision, which will have major impact on the USD moves and hence, eventually on the GBP/USD pair. While the US GDP and consumer sentiment data due later in the NA session will be also closely eyed.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.3249 (Jul 28 top), above which 1.3300 (round figure) would be tested. On the flip side, support is seen at 1.3150 (psychological levels) below that at 1.3103 (daily S1).

Trade the US Gross Domestic Product - July 29 GDP Live Coverage

1. R3 1.3370
2. R2 1.3310
3. R1 1.3237
PP 1.3177
1. S1 1.3104
2. S2 1.3044
3. S3 1.2970

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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