GBP/USD extends decline below 1.31000

GBP/USD extended the decline to levels sub-1.31, having lost nearly 150 pips so far on Friday, as the pound continues to suffer on the back of BoE minutes while the dollar was lifted by better-than-expected inflation figures.

GBP/USD recently broke below the 1.3100 level and stretched to its lowest level in over two weeks at 1.3092. Cable was last trading at 1.3095, down 1.06% on the day.

Below-expectations US consumer confidence data gauged by the University of Michigan, did little to temper USD strength.

GBP/USD technical levels

As for technical levels, immediate supports are seen at 1.3058 (Aug 30 low), 1.3000 (psychological level) and 1.2978 (Aug 17 low). On the other hand, resistances could be found at 1.3274 (10-day SMA),  1.3346 (Sep 12 high) and 1.3374 (Sep 8 high).