GBP/USD stabilizes around 1.3050, holds onto mild weekly gain

GBP/USD retraced completely previous day’s gains and made fresh daily lows sub-1.3050 during the New York session amid broad USD strength and skepticism over a lasting GBP recovery.

GBP/USD was rejected from a peak of 1.3184 scored earlier amid supportive UK economic data, and fell all the way back to a low of 1.3022 before finding support. The pair has spent the last hours in a limited range near daily lows and it was last at 1.3048, recording a 0.87% loss on Friday.

However, Cable is still holding onto a modes weekly gain, having recovered from a low of 1.2864 struck last Monday.

GBP/USD technical levels

As for technical levels, next supports are seen at 1.3012 (10-day SMA), 1.2900 (psychological level), 1.2864 (Aug 15 low), 1.2849 (July 11 low), 1.2795 (31-year low, Jul 6). On the other hand, resistances could be found at 1.3184 (Aug 19 high), 1.3200 (psychological level) and 1.3271 (Aug 1 high).