FxWirePro: GBP/USD gains some upside momentum but still bearish
Sterling declined initially against the dollar on Wednesday despite second-quarter UK growth data that came stronger but, recovered the lost ground after disappointing report on durable goods orders in the early US sessi…
Sterling declined initially against the dollar on Wednesday despite second-quarter UK growth data that came stronger but, recovered the lost ground after disappointing report on durable goods orders in the early US session.
Investors awaited possible clues on an interest rate increase from the Federal Reserve at the conclusion of its two-day meeting.
Further upside is expected to be limited as the resistance level at 1.3275 levels is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.3154, a break above this level would expose to cable to next resistance level at 1.3215.
To the downside major support can be seen at 1.3000, a break below will open the door towards next level at 1.2924.
