GBP/USD reverses a spike to 1.3210, fresh 3-week tops

A renewed uptick faded just ahead of 1.32 handle over the last hour, sending GBP/USD back towards 1.3175 region.

GBP/USD awaits CBI industrial order expectations

Currently, GBP/USD now gains +0.37% to trade at 1.3183 levels, with downside opening up towards 50-DMA at 1.3135. Amid a broad based US dollar recovery, the cable is seen reversing a part of daily gains, with the bulls having failed to resist above 1.32 handle. The USD index now drops -0.15% to 94.36, versus -0.25% seen previously.

Moreover, expectations of a weaker CBI industrial orders data due out shortly, also contributed to the latest leg lower in the GBP/USD pair. Besides, markets now await the US dataflow for further moves in the major.

GBP/USD Levels to consider                           

The pair has an immediate resistance at 1.3210 (3-week high), above which 1.3240 (daily R2) would be tested. On the flip side, support is seen at 1.3150 (psychological levels) below that at 1.3135 (50-DMA).