FxWirePro: GBP/USD gains some upside momentum but still bearish
GBP/USD declined on Wednesday as sterling was weighted down ahead of the release of Federal Reserve minutes that should provide a clearer picture on when policymakers will raise U.S. interest rates. The pair made session…
GBP/USD declined on Wednesday as sterling was weighted down ahead of the release of Federal Reserve minutes that should provide a clearer picture on when policymakers will raise U.S. interest rates.
The pair made session low at 1.2159 but recovered slightly to trade at 1.2240 levels.
Further upside for this pair is expected to be limited as strong resistance level at 1.2422 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2320, a break above this level would expose the cable to next resistance level at 1.2377 levels.
To the downside strong support can be seen at 1.2220, a break below at this level will open the door towards next level at 1.2154.
