FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption
The GBP/USD pair inched higher on Thursday as weak Chinese data weakened dollar demand across the board and pushed investors to buy safe-haven assets after two straight days of selling. The Fed on Wednesday released the …
The GBP/USD pair inched higher on Thursday as weak Chinese data weakened dollar demand across the board and pushed investors to buy safe-haven assets after two straight days of selling.
The Fed on Wednesday released the minutes of its last rate-setting meeting that showed several policymakers felt a rate hike was warranted "relatively soon" if the U.S. economy continued to strengthen.
The ongoing weakness is set to continue for this pair as the resistance level at 1.2325 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.2228, a break above this level would expose the cable to next resistance level at 1.2325 levels.
To the downside strong support can be seen at 1.2154, a break below at this level will open the door towards next level at 1.2073.
