GBP/USD remains below 1.3400 but downside limited

The pound is among the worst performers in an environment of a weak dollar, on the back of weaker-than-expected UK data.

GBP/USD pulled back from Tuesday’s highs, giving away more than 80 pips before finding support at the 1.3360 area. Having spent the last hours in a slim range, Cable was last trading at 1.3380, still down 0.42% on the day.

The pound has closed the last five trading days with gains against the greenback, supported by upbeat UK data in contrast with disappointing US readings.

GBP/USD levels to consider

As for technical levels, immediate supports are seen at 1.3295 (Sep 6 low), 1.3251 (Sep 2 low) and 1.3229 (10-day SMA). On the other hand, resistances could be found at 1.3437/44 (Sep 7 & 6 highs), 1.3480 (Jul 15 high) and 1.3532 (Jun 29 high).