FxWirePro: GBP/USD outlook weaker after upbeat US data
British pound declined sharply against US dollar on Friday, as the pound came under strong selling pressure after strong U.S. economic data. U.S. retail sales rose 0.6 percent in June, strongly outpacing the 0.1 percent …
British pound declined sharply against US dollar on Friday, as the pound came under strong selling pressure after strong U.S. economic data.
U.S. retail sales rose 0.6 percent in June, strongly outpacing the 0.1 percent rise expected by economists. It was the third straight monthly increase and lifted sales 2.7 percent from a year ago.
Currently, the pair trading at 1.3280 short pullback towards 1.3350 levels should be viewed as selling opportunities as the resistance level at 1.3414 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term.
To the upside, the strong resistance can be seen at 1.3414 a break above this level would expose the cable to next resistance level at 1.3478.
To the downside, immediate support can be seen at 1.3246, a break below at this level will open the door towards next level at 1.3176.
