GBP/USD retraces daily gains, back below 1.3200

GBP/USD retraced intraday gains and dipped back below the 1.32 mark to trade nearly flat, as the pound weakened on the back of UK unemployment data.

GBP/USD made an upside attempt that was capped by a high of 1.3227 and fell to the 1.3180 zone. Cable seems to be going through a consolidation phase now, following UK CPI-inspired slump on Tuesday, and it was last trading around 1.3190, virtually unchanged since opening.

UK data showed in the three months to the end of July the unemployment rate remained at an 8-year low of 4.9%.      

GBP/USD technical levels

As for technical levels, immediate supports are seen at 1.3150 (50-day SMA), 1.3126 (Sep 1 low) and 1.3078 (Aug 30 low). On the other hand, resistances could be found at 1.3290 (10-day SMA),  1.3346 (Sep 12 high), 1.3374 (Sep 8 high) and 1.3400 (psychological level).