GBP/USD has capitalized on the broad selling pressure surrounding the dollar. If the pair manages to flip 1.3160 into support, it could target 1.3200 in the near-term, FXStreet’s Eren Sengezer reports.

Pound faces stiff resistance at 1.3160

“1.3140 (200-period SMA) forms the initial resistance before 1.3160 (static level). In case the latter turns into support, the next bullish target could be seen at 1.32 (psychological level).”

“On the downside, 1.31 (psychological level, static level, 100-period SMA) aligns as the first support ahead of 1.3060 (50-period SMA) and 1.3040 (static level).”