GBP/USD struggles to regain 1.3300

GBP/USD edged lower on Thursday, extending a pullback from recent highs at the 1.3440 area, which capped a 5-day rally.

Despite starting the day on a firm note, GBP/USD turned lower and dipped into the red as the greenback picked up momentum during the New York session. Cable is currently trading at 1.3302, 0.27% down on the day, having hit a low of 1.3282 in recent dealings.

Fed’s monetary policy expectations and concerns over the effects of the Brexit are the main drivers for GBP/USD. The latest string of upbeat UK data propelled the pair to a high of 1.3444 on Tuesday, from where it started to correct lower.

GBP/USD levels to consider

As for technical levels, immediate supports are seen at 1.3251 (Sep 2 low), 1.3238 (10-day SMA) and 1.3162 (20-day SMA). On the other hand, resistances could be found at 1.3374 (Sep 8 high), 1.3437/44 (Sep 7 & 6 highs), 1.3480 (Jul 15 high) and 1.3532 (Jun 29 high).