GBP/USD rebounds from near 1.3000 and trims losses

US dollar’s recovery from last week slide weakens.
GBP/USD trims losses as it rises back above 1.3050.

Matías Salord FXStreet

The GBP/USD pair is falling for the second day in a row on Monday, pulling back after reaching 1.3169 on Friday, the highest level since March. Before the beginning of the American session, it bottomed at 1.3003, the lowest since Thursday. During the last hour, it trimmed losses and as of writing, it trades at 1.3050.

The rebound in the pair took place as the US dollar lost strength. The greenback is still up across the board, extending the correction it started on Friday. Data from the US did not affect the greenback. The manufacturing sector continued to expand during July as the ISM and PMI Markit showed.

Technical outlook

The main trend is still bullish in GBP/USD but in the very short-term a correction is underway. The 1.3000 area capped the downside and is the immediate support below the next one, standing at 1.2955 (July 28 high).

The recovery will likely face resistance at 1.3070 (July 31 low) and above at 1.3100/05. If the pound keeps the 1.3100 area, it will gain momentum to test 1.3145, probably resuming the bullish trend.

GBP/USD

Overview
Today last price	1.3042
Today Daily Change	-0.0044
Today Daily Change %	-0.34
Today daily open	1.3086

Trends
Daily SMA20	1.2717
Daily SMA50	1.2576
Daily SMA100	1.2425
Daily SMA200	1.2705

Levels
Previous Daily High	1.317
Previous Daily Low	1.3071
Previous Weekly High	1.317
Previous Weekly Low	1.2782
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.3109
Daily Fibonacci 61.8%	1.3132
Daily Pivot Point S1	1.3048
Daily Pivot Point S2	1.301
Daily Pivot Point S3	1.2948
Daily Pivot Point R1	1.3147
Daily Pivot Point R2	1.3209
Daily Pivot Point R3	1.3247

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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