GBP/USD hovers near 2-week highs

GBP/USD is going through a consolidation phase near 2-week highs as the rally triggered by stronger than expected UK data lost steam over the last hours. 

GBP/USD peaked at 1.3170 during the European session and pulled back, but managed to hold above 1.3125. At time of writing, the pair is trading at 1.3145, recording a 0.81% gain.  

The pound also took advantage of a broadly weaker dollar, which suffered in the wake of less hawkish than expected FOMC minutes published the previous day.

GBP/USD technical levels

As for technical levels, next resistances are seen at 1.3170 (Aug 18 high), 1.3200 (psychological level) and 1.3271 (Aug 1 high). On the other hand, supports are seen at 1.3007 (10-day SMA), 1.2900 (psychological level), 1.2864 (Aug 15 low), 1.2849 (July 11 low), 1.2795 (31-year low, Jul 6).