GBP/USD: Upside remains capped below 1.3050, US data eyed

The bulls fight hard to regain 1.3050 barrier, but in vain, as the sellers continue to lurk near the last, keeping further recovery in GBP/USD limited.

GBP/USD supported above 1.3000

GBP/USD struggles to extend the pullback above the mid-point of 1.30 handle so far this session, as the pound continues to remain undermined by the latest downward revision to the UK growth forecasts by the IMF, in response to looming concerns over a Brexit deal.

Moreover, the higher-yielding currency somewhat suffers from the risk-off sentiment prevalent in Europe, as European equities trade lower amid renewed weakness in oil prices.

Further, the USD recovery could gain extra traction in the US session, should the US PMIs and existing home sales data provide a positive input to the greenback, which could keep the GBP bulls at bay.

GBP/USD levels to consider             

To the upside, resistances are aligned at 1.3053 (Jul 19 high), 1.3100 (round figure) and 1.3150 (psychological levels). On the flipside, 1.2973 (20-DMA) guards the next support of 1.2877 (50-DMA), below which 100-DMA support at 1.2824 lie.