Investors’ fears about a slowdown of UK economy, caused by the country’s exit from the EU, are gradually fading away that provides support for the British currency. Thus, the GBP/USD pair was trading above the level of 1.3000 during last week.
The US Dollar, in its turn, was pressured by the publication of minutes from the Fed July meeting, according to which the central bank's policymakers agreed that more economic data is needed before raising interest rates.
The instrument remains in the region of 1.3100, and a downward correction is likely to continue towards the level of 1.3000. Later on, the price is expected to start moving up and test the level of 1.3400.
Support levels: 1.3250, 1.3200, 1.3150, 1.3100, 1.3050, 1.3000, 1.2860.
Resistance levels: 1.3310, 1.3350, 1.3400, 1.3480.