GBP/USD upside limited ahead of 1.3100

GBP/USD has managed to trim part of its Friday’s sharp losses, as the dollar weakened broadly as investors await Fed decision on Wednesday.

GBP/USD recovered roughly a full cent and reached a daily peak of 1.3090 before losing momentum during the American session. GBP/USD was last trading at 1.3060, recording a 0.5% daily gain, after losing around 1.76% on Friday.

GBP/USD technical levels

As for technical levels, immediate resistances could be found at 1.3165 (50-day SMA), 1.3239 (10-day SMA), and 1.3276 (Sep 15 high). On the flip side, supports are seen at 1.2995 (Sep 19 low), 1.2978 (Aug 17 low) and 1.2900 (psychological level).