GBP/USD fails to hold above 1.3100

GBP/USD failed to hold above the 1.3100 level and pulled back during the New York session, as the dollar picked up momentum following better-than-expected US confidence data.

GBP/USD was rejected from a high of 1.3119 twice throughout the day, with the latest pullback extending to the 1.3075 area in recent dealings. At time of writing, the pair is trading at 1.3080, 0.17% below its opening price.

The UK releases GFK consumer confidence data later today while manufacturing PMI data are released later in the week.

GBP/USD levels to consider

As for technical levels, immediate supports are seen at 1.3058 (Aug 29& 30 low), 1.3000 (psychological level) and 1.2978 (Aug 17 low). On the flip side, resistances could be found at 1.3135/38 (10-day SMA/Aug 29 high), 1.3214 (50-day SMA) and 1.3277 (Aug 26 high).