US GDP

GBP/USD is attempting to build a base above 1.3200 after a shift in Federal Reserve rate expectations softened the US Dollar backdrop. Technical traders are watching 1.3250 as the next key resistance level that could clarify whether a broader bullish reversal is underway.

EUR/USD retreated from this month’s high as traders digested US GDP and PCE data while awaiting guidance from the Jackson Hole Symposium. Technical traders are watching 1.1620 support, 1.1710 resistance and a possible extension toward 1.1800 if bullish momentum returns.