FxWirePro: GBP/USD maintains bullish bias with focus on 1.3500 levels
The Sterling remained in strong bullish tone against dollar on Tuesday as buying interest continued after ISM Non-Manufacturing PMI data showed its worst reading since February 2010 suggesting the Federal Reserve was unl…
The Sterling remained in strong bullish tone against dollar on Tuesday as buying interest continued after ISM Non-Manufacturing PMI data showed its worst reading since February 2010 suggesting the Federal Reserve was unlikely to raise U.S. short-term interest rates this month.
The Institute for Supply Management's non-manufacturing purchasing managers' index fell to 51.4 last month, badly missing economists' expectations by more than 4 points.
The ongoing bullish trend is set to continue for this pair as the support level at 1.3292 is likely to act as strong barrier to the bears and push the pair towards higher levels.
To the upside, the strong resistance can be seen at1.3486, a break above this level would expose to cable to next resistance level at 1.3530.
To the downside immediate support can be seen at 1.3365, a break below will open the door towards next level at 1.3292.
