FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption

• The GBP/USD pair dipped on Friday as investors grew wary about the outlook of the British economy after a mixed bag of data this week.
   
• Data this week showed falling car production and a slide in construction, which bode poorly for future months after a more general slowdown in the first half of 2017.
   
• Inflation data next week will be the big driver for Sterling. Data last month showed an unexpected slowdown in price pressures for the first time since October.
   
• Sterling last trading at $1.2974, a shade above a three-week low of $1.2952 hit in the previous session. It is on track to post its biggest two-week decline against the dollar since March 2017.
   
• The ongoing downside is set to continue for this pair as the support level at 1.1622 is likely to act as strong barrier to the bears and push the pair towards higher levels.
   
• To the upside, immediate resistance can be seen at 1.2995 a break above this level would expose to cable to next resistance level at 1.3065.
   
• To the downside immediate support can be seen at 1.2933, a break below will open the door towards next level at 1.2881.
  
  Resistance Levels
  
  R1: 1.2995 (50% Retracement Level)
  
  R2: 1.3065 (61.8% Retracement Level)
  
  R3: 1.3100 (Psychological levels)
  
  Support Levels
  
  S1: 1.2933 (38.2% Retracement Levels)
  
  S2: 1.2881 (July 5th lows)
  
  S3: 1.2855 (23.6% Retracement Levels)

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