FxWirePro: GBP/USD neutral near-term, scope for downward resumption
GBP/USD inched slightly higher on Thursday after US Philadelphia Fed Manufacturing Index printed negative figures. However, the pair turned back after failing to break resistance level 1.3240, as the pound ran out of str…
GBP/USD inched slightly higher on Thursday after US Philadelphia Fed Manufacturing Index printed negative figures. However, the pair turned back after failing to break resistance level 1.3240, as the pound ran out of strength against US dollar.
British retail sales suffered their sharpest monthly fall in six months in June. Retail sales volumes fell 0.9 percent, a bigger drop than economists' forecasts of a 0.6 percent dip, after rising by an above-average 0.9 percent in May.
Currently, the pair is trading around 1.3205 levels, it is set to decline towards 1.3150 later towards 1.3080 levels in the short term.
To the upside, the strong resistance can be seen at 1.3305, a break above this level would expose the cable to next resistance level at 1.3350.
To the downside, immediate support can be seen at 1.3163 a break below at this level will open the door towards next level at 1.3080.
