FxWirePro: GBP/USD gains some upside momentum but still bearish
GBP/USD declined in early US session after U.S. consumer prices were unchanged in July. The core CPI, which strips out food and energy costs, edged up 0.1 percent in July. The year-on-year core CPI increased 2.2 percent …
GBP/USD declined in early US session after U.S. consumer prices were unchanged in July. The core CPI, which strips out food and energy costs, edged up 0.1 percent in July. The year-on-year core CPI increased 2.2 percent after rising 2.3 percent in June.
The pair declined to hit low at 1.2938 after the data release but recovered towards 1.2991 after market stabilized.
Currently, the pair is trading around 1.2984 levels, it is set to decline further towards 1.2940 and later 1.2870 in the short term.
To the upside, strong resistance can be seen at 1.3072, a break above this level would expose the cable to next resistance level at 1.3100 levels.
To the downside, strong support can be seen at 1.2966, a break below at this level will open the door towards next level at 1.2900.
