FxWirePro: GBP/USD holds above 1.2400 but upside is limited
GBP/USD declined on Wednesday as pound halted its rise on speculation that the Bank of England will raise rates within the next year was cooled by broader concerns about a Brexit-driven economic slowdown. The pound rose …
GBP/USD declined on Wednesday as pound halted its rise on speculation that the Bank of England will raise rates within the next year was cooled by broader concerns about a Brexit-driven economic slowdown.
The pound rose to a fresh three-week high against the dollar on Tuesday after a larger than expected jump in inflation sparked expectations that the Bank of England may raise interest rates sooner than previously forecast.
The pair remains under bears control unless until it trades below 1.2500 resistance level, therefore it is good to sell this pair on rallies.
To the upside, strong resistance can be seen at 1.2500, a break above this level would expose the cable to next resistance level at 1.2582 levels.
To the downside strong support can be seen at 1.2436, a break below at this level will open the door towards next level at 1.2346.
