FxWirePro: GBP/USD gains some upside momentum but still bearish
GBP/USD rose sharply on Thursday after UK retail sales data showed better than expected figures, apparently unaffected by Britain's vote to leave the European Union. However, the pair turned back in the early US session …
GBP/USD rose sharply on Thursday after UK retail sales data showed better than expected figures, apparently unaffected by Britain's vote to leave the European Union.
However, the pair turned back in the early US session after failing to break resistance level 1.3174, as the pound ran out of strength against US dollar.
The pair has to break resistance level at 1.3247 levels in order find any bullish momentum, unless until trend continues to be strongly bearish for this pair.
To the upside, immediate resistance can be seen at 1.3174, a break above this level would expose the cable to next resistance level at 1.3247.
To the downside immediate support can be seen at 1.3110, a break below at this level will open the door towards next level at 1.3050.
