ANZ Research adopts a neutral bias on GBP/USD in the near-term.

"We expect the GBP/USD to consolidate in the current range. Better US data would support the USD, and one-month risk reversals show more demand for downside GBP/USD protection," ANZ notes.

"The technical picture agrees. GBP/USD broke below 1.3266, the 76.4% retracement of the June-August rally. The next support is 1.3140 (24 June low). Firm resistance is at the 50-dma near 1.3456," ANZ adds.