GBP/USD loses momentum after hitting 1.3300

Ani Salama FXStreet

GBP/USD rallied to a fresh 11-day high of 1.3300 during the American session as the dollar was hurt by a worse than expected US GDP preliminary reading for the second quarter.

GBP/USD rose more than 130 pips over the last hours before finding sellers at the 1.33 mark, where it set its highest level since July 18. The pair has pulled back slightly and it was last trading at 1.3283, still up 0.48% on the day.

On the data front, US gross domestic product grew at a seasonally adjusted annual rate of 1.2% in the second quarter well below expectations of a 2.6% advance while the U of Michigan consumer sentiment index rose less than expected in July, to 90 vs 90.5 expected.

GBP/USD levels to consider

In terms of technical levels, next resistances are seen at 1.3300 (Jul 29 high/psychological level), 1.3315 (Jul 18 high) and 1.3480/82 (Jul 15 high/Jun 27 high). On the flip side, immediate supports could be found at 1.3140 (20-day SMA), 1.3056 (Jul 26 low) and 1.2970 (Jul 12 low).

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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