GBP/USD fails to hold above 1.3100

Ani Salama FXStreet

GBP/USD failed to hold above the 1.3100 level and pulled back during the New York session, as the dollar picked up momentum following better-than-expected US confidence data.

GBP/USD was rejected from a high of 1.3119 twice throughout the day, with the latest pullback extending to the 1.3075 area in recent dealings. At time of writing, the pair is trading at 1.3080, 0.17% below its opening price.

The UK releases GFK consumer confidence data later today while manufacturing PMI data are released later in the week.

GBP/USD levels to consider

As for technical levels, immediate supports are seen at 1.3058 (Aug 29& 30 low), 1.3000 (psychological level) and 1.2978 (Aug 17 low). On the flip side, resistances could be found at 1.3135/38 (10-day SMA/Aug 29 high), 1.3214 (50-day SMA) and 1.3277 (Aug 26 high).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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