FxWirePro: GBP/USD drops below 1.3100 as Fed comments bolster US rate hike bets
GBP/USD declined on Monday as investors were optimistic about next interest rate hike in September following comments from top Federal Reserve officials and recent strong US economic data. The pair declined in quick succ…
GBP/USD declined on Monday as investors were optimistic about next interest rate hike in September following comments from top Federal Reserve officials and recent strong US economic data.
The pair declined in quick succession in the early US session after positive U.S. consumption and personal income data to hit low at 1.3058.
Currently, the cable is trading around 1.3064 levels, it is set to decline further towards 1.3000 later towards 1.2950 levels in the short term.
To the upside, the strong resistance can be seen at 1.3155, a break above this level would expose to cable to next resistance level at 1.3200.
To the downside immediate support can be seen at 1.3018, a break below will open the door towards next level at 1.2933.
