The GBP/USD pair fell as low as 1.3107 in the early US session after data showed Consumer Price Index for August came better than expectations. Consumer Price Index rose 0.2 percent last month after being unchanged in Ju…
The GBP/USD pair fell as low as 1.3107 in the early US session after data showed Consumer Price Index for August came better than expectations.
Consumer Price Index rose 0.2 percent last month after being unchanged in July. In the 12 months through August, the CPI increased 1.1 percent after advancing 0.8 percent in July.
The ongoing weakness is set to continue for this pair as the resistance level at 1.3254 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, immediate resistance can be seen at 1.3165, a break above this level would expose the cable to next resistance level at 1.3254.
To the downside immediate support can be seen at 1.3101, a break below at this level will open the door towards next level at 1.3022.
