GBP/USD struggles to gain momentum around 1.3000

GBP/USD failed once again to break above the 1.3030 zone and pulled back during the European session, although with the downside also restrained, the pair was confined to a phase of consolidation.

GBP/USD has oscillated within a 50-pip range throughout the day, unable to find much traction to extend the recovery seen over the last days. At time of writing, GBP/USD is trading at 1.3012, virtually unchanged on the day.

During the American session, investors will be watching US advance report on durable goods, Fed's Bullard, Evans, Mester speak preceding Fed's Janet Yellen testimony to US House committee. On Thursday, UK will publish Q2 GDP figures. 

GBP/USD technical levels

In term of technical levels, next resistances are seen at 1.3087 (Sep 23 high), 1.3136 (50-day SMA), 1.3164 (20-day SMA) and 1.3200 (psychological level). On the other hand, supports are seen at 1.2914 (Sep 23 low), 1.2864 (Aug 15 low) and 1.2796 (Jul 6 low).