GBP/USD falters ahead of 1.3200

Cable bounced from fresh 2-week lows and staged a modest recovery, but the upside was capped ahead of 1.3200 during the New York session, on the back of slightly better-than-expected US data.

GBP/USD bottomed out at 1.3056 during the European session, weighed by dovish comments from BoE member Weale, but recovered all the way toward 1.3174 before losing momentum. At time of writing, the pair is trading at 1.3120, just a few pips below its opening price.

GBP/USD levels to consider

In terms of technical levels, next resistances line up at 1.3182/89 (10-day SMA/Jul 22 high), 1.3315 (Jul 18 high) and 1.3480/82 (Jul 15 high/Jun 27 high). On the flip side, supports could be found at 1.3056 (Jul 26 low), 1.2970 (Jul 12 low), 1.2849 (Jul 11 low) and 1.2796 (31-year low, Jul 6).