GBP/USD hits fresh session highs above 1.3150, then retreats

Dhwani Mehta FXStreet

The pound recovered most losses versus its American counterpart in the mid-European session, sending GBP/USD back above the mid-point of 1.31 handle. However, the major ran through fresh offers at the last and turned backed below 5-DMA at 1.3148.

GBP/USD faces rejection ahead of 1.3150

Currently, GBP/USD now drops -0.10% to 1.3125, unable to sustain at higher levels. The GBP/USD pair reversed a brief spike to daily tops at 1.3152 and now reverts towards 1.31 handle, as increasing BOE rate cut bets coupled with weaker oil prices continue to keep the GBP undermined.

Meanwhile, a strong bid-wave seen in the cable last hour can be justified by fresh selling in the US dollar against its major peers, as markets unwind their positions heading into the much-awaited Fed verdict due to be announced tomorrow.

In the meantime, the bulls strive hard to derive benefit from upbeat UK mortgage approvals data, as attention now turns towards the US economic releases due later in the NA session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.3174 (10-DMA), above which 1.3200 (round figure) would be tested. On the flip side, support is seen at 1.3050 (psychological levels) below that at 1.2997 (Jul 5 low).

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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