GBP/USD takes a breather around 1.3200

GBP/USD has managed to regain the 1.32 mark and climbed to session highs in recent dealings, as the pound takes a breather from an epic selloff that followed the Brexit vote.

GBP/USD dropped to its lowest level in over 30 years at 1.3150 as uncertainty continues to grow in the UK amid political turmoil in the aftermath of the Brexit win.  Cable managed to recover to the 1.3250 zone, but the bounce lacked momentum and remains mainly driven by profit taking. At time of writing, GBP/USD is trading at 1.3215, down 3.11% on the day and over 1800 pips below Thursday’s levels.

GBP/USD technical levels

In terms of technical levels, the downside remains wide open with the pound trading at over three-decade lows. Support levels could be found at 1.3152 (Jun 27 low), 1.3100 and then 1.3000 (psychological levels). On the other hand, short-term resistances are seen at 1.3482 (Jun 27 high), 1.3500 (psychological level) and not much until 1.3835 (Feb 29 2016 low).