GBP/USD briefly rises above 1.3300

GBP/USD briefly rose above the 1.3300 level during the American session, and reached its highest level since July 15, but was rejected and quickly retraced gains.

GBP/USD broke above yesterday’s peak and through the 1.33 mark, stretching to a 2-week high of 1.3323 before losing momentum and pulling back. At time of writing, the pair is trading at 1.3290, still up 0.9% on the day.

From a wider view however, Cable is still in consolidation mode, ahead of Bank of England's decision on monetary policy on Thursday and US jobs report on Friday.

GBP/USD levels to watch

In terms of technical levels, next resistances are seen at 1.3323 (Aug 2 high), 1.3400 (psychological level) and 1.3480/82 (Jul 15 high/Jun 27 high). On the flip side, immediate supports could be found at 1.3170 (Aug 2 low), 1.3146 (20-day SMA), 1.3056 (Jul 26 low) and 1.2970 (Jul 12 low).