“¢ Renewed USD buying interest prompts some selling at higher levels.
“¢ Upbeat UK services PMI helps to bounce off lows and retake 1.32 handle.
“¢ A strong follow-through buying needed to confirm any additional gains.
Having posted a session high level of 1.3228, the GBP/USD pair met with some fresh supply and retreated around 80-pips from tops.
The pair continued with its struggle to sustain/build on the positive momentum beyond the 1.3200 handle, with some renewed US Dollar buying interest once again collaborating towards capping any additional gains.
The downfall, however, stalled, with the pair quickly recovering around 30-pips following the release of better-than-expected UK services PMI, coming in at 55.1 for June, which added to the recent slew of positive UK economic data and continued underpinning the British Pound.
It, however, remains to be seen if the pair is able to attract any follow-through buying interest amid persistent uncertainties over Brexit talks and thin liquidity conditions on the back of a holiday in the US markets.
Technical levels to watch
The 1.3220-25 region might continue to act as an immediate resistance, above which the pair is likely to aim towards reclaiming the 1.3300 handle with some intermediate resistance near the 1.3275-80 region.
On the flip side, any meaningful downfall is likely to find support near the 1.3140-35 area, which if broken might turn the pair vulnerable to retest sub-1.3100 level.
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