FxWirePro: GBP/USD heads deeper into bear territory as Brexit tremors continue
GBP/USD declined in early US session on Wednesday, after U.S. ISM non-manufacturing activity increased in June. The non-manufacturing activity rose to 56.5 from 52.9 the month before. The reading was above expectations o…
GBP/USD declined in early US session on Wednesday, after U.S. ISM non-manufacturing activity increased in June. The non-manufacturing activity rose to 56.5 from 52.9 the month before. The reading was above expectations of 53.3 and was the highest reading since November.
The pair made gains in early European session hitting as high as 1.3000 but declined on mounting worries about the broader impact Britain's vote to leave the European Union would have on the global economy.
Currently, the pair is trading around 1.2915 levels, it is set to decline further towards 1.2850 and later 1.2800 in the short term.
To the upside, strong resistance can be seen at 1.3000, 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 1.2870, a break below at this level will open the door towards next level at 1.2838.
