GBP/USD remains weak below 1.3150

Cable remains under pressure as the US Dollar holds to broad-gains.
Short-term outlook points to the downside while under 1.3150.

Matías Salord FXStreet

The GBP/USD pair remains in negative territory for the day and near YTD lows on a stronger US Dollar across the board and amid risk aversion.

The pair bottomed earlier at 1.3094 and then bounced to the upside. The recovery was capped by 1.3145 and it pulled back again following US data. The ISM manufacturing PMI surpassed expectations with a reading at 60.2 for June. US Dollar Index Futures approached 95.00 after the data.

Earlier today, the UK manufacturing PMI, came in at 54.4 for June, also above market consensus but failed to offer a sustainable support to the pound.

The intraday tone remains bearish in line the dominant trend. Friday’s recovery was short-lived and cable again points to a potential test of the key 1.3040/50 strong support area.

GBP/USD Short-term Technical levels

To the upside, immediate resistance levels are seen at 1.3145/50, 1.3185 and 1.3215. On the flip side, support might be located at 1.3095 (Jul 2 low), 1.3065 (Jun 29 low) and 1.3045/50 (last week lows).

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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