FxWirePro: GBP/USD holds above 1.2450 but upside is limited
The GBP/USD pair retreated back on Thursday, as the pound attracted short selling interest as investors saw uncertainty surrounding Britain's departure from the European Union outweighing some signs of economic resilienc…
The GBP/USD pair retreated back on Thursday, as the pound attracted short selling interest as investors saw uncertainty surrounding Britain's departure from the European Union outweighing some signs of economic resilience.
The pound bounced upto 1.2506 in the early US session but it reversed some of those gains, as investors viewed that until either Britain or the EU shows signs of softening their negotiating stances, Brexit would be negative for the British economy.
Further upside for this pair is expected to be limited as strong resistance at 1.2553 is set to limit upside and bring decline towards lower levels.
To the upside, the strong resistance can be seen at 1.2485, a break above this level would expose the pair towards next resistance level at 1.2553.
To the downside immediate support can be seen 1.2418, a break below at this level will open the door towards next level at 1.2375.
