GBP/USD reverses early losses

GBP/USD recovered from European session lows and trades slightly higher for the day, as investors await a string of major UK releases later this week.

GBP/USD bottomed out at 1.3234, marking its lowest level since Sep 1, but the dollar lost momentum allowing Cable to reverse early losses. At time of writing, the pair is trading at 1.3279, up a few pips on the day.

This week, UK will release a series of top-notch economic data, including August inflation figures, unemployment data, retail sales figures, and the BoE will decide on monetary policy on Thursday. 

GBP/USD levels to watch

As for technical levels, immediate resistances could be found at 1.3300 (psychological level), 1.3335 (Sep 9 high) and 1.3374 (Sep 8 high). On the flip side, supports are seen at 1.3234 (Sep 12 low), 1.3200 (20-day SMA/psychological level) and 1.3146 (50-day SMA).