GBP/USD hovers below 1.3200

GBP/USD is staging a mild pullback on Thursday, following three straight days of gains, as the pound lost momentum as investors await GDP data from both UK and US tomorrow and Yellen speech in Jackson Hole.

UK GDP will be scrutinized as investors look for economic data to determine the severity of the Brexit shock. Meanwhile, Fed Chair Yellen speech will be closely watched as markets continue to weigh the likelihood of another rate hike this year.

GBP/USD dropped below 1.3200 and bottomed out at 1.3168 in recent dealings. At time of writing, the pair is trading at 1.3180, recording a 0.37% loss on the day.

GBP/USD technical levels 

As for technical levels, immediate  supports are seen at 1.3160 (Aug 24 low), 1.3108 (21-day SMA), 1.3086 (10-day SMA) and 1.2978 (Aug 17 low). On the other hand, resistances could be found at 1.3300/01 (psychological level/50-day SMA), 1.3370 (Aug 3 high) and 1.3400 (psychological level).