The pair continues to stay within the previous trading range with the recovery of the USD, with investors’ attention focused on the US-South Korea joint military exercise and the Jackson Hole Symposium that will take place later in the day.
The parity continues to stabilize in the lower band of the trading range up to now and seems to have solid support in the 1.2830 region, attempts to cross / test 1.3000 psychological levels in the current sub-text do not seem likely.
On the data front, the most important data for the week will be Thursday’s second quarter advanced Gross Domestic Product (GDP) figures. The consensus is that the economy grew 1.7% annually.
The GBP / USD pair is currently trading at 1.2871 with a loss of 0.05%.
Significant technical levels for GBP / USD
1.2820 (August 18th), 1.2932 (10-day SMA) and 1.3007 (38.2% Fibo 1.2587-1.3266), respectively, with support levels of 1.2829 (August 18th), 1.2808 (July 12th) and 1.2747 (76.4% Fibo 1.2587-1.3266) Levels can create resistance for the parity.