FxWirePro: GBP/USD changes short term trend from neutral to bearish
GBP/USD declined in the US session as investors awaited further developments in Britain's suspended election campaign after a suicide bombing rocked the English city of Manchester. Britain's main political parties agreed…
GBP/USD declined in the US session as investors awaited further developments in Britain's suspended election campaign after a suicide bombing rocked the English city of Manchester.
Britain's main political parties agreed to suspend campaigning ahead of the June 8 election until further notice following Monday night's explosion in Manchester that killed 22 people at a concert.
The pound traded lower for most of the day, last down 0.1 percent at $1.2972, below its highest level since Sept. 29 hit last week.
Further upside for this pair is expected to be limited as strong resistance level at 1.3058 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2998, a break above this level would expose the cable to next resistance level at 1.3058 levels.
To the downside strong support can be seen at 1.2936, a break below at this level will open the door towards next level at 1.2912.
