GBP/USD stages short-lived spike

GBP/USD picked up pace and advanced to fresh session highs amid holiday-thinned trade given US Independence day, but the spike was short-lived.

Cable rose over half a cent in a matter of minutes and reached a session high of 1.3339 before retracing most of the advance. At time of writing, the pair is trading at 1.3289, still a few pips higher on the day.

GBP/USD levels to consider

As for technical levels, next resistances are seen at 1.3348 (Jul 1 high), 1.3493/1.3500 (Jun 30 high/psychological level) 1.3532 (Jun 29 high) and then 1.3835 (Feb 29 2016 low). On the flip side, supports could be found at 1.3239 (Jul 4 low), 1.3205 (Jun 30 low), 1.3119 (31-year low, Jun 27) and 1.3100 (psychological level).