FxWirePro: GBP/USD rallies above 1.2250 but reversal is likely high
The GBP/USD pair rose on Thursday as the dollar fell following U.S. President-elect Donald Trump's long-awaited news briefing the day before. Trump delivered a wide-ranging briefing on Wednesday that lasted longer than e…
The GBP/USD pair rose on Thursday as the dollar fell following U.S. President-elect Donald Trump's long-awaited news briefing the day before.
Trump delivered a wide-ranging briefing on Wednesday that lasted longer than expected but contained no details on tax cuts and infrastructure spending.
However, further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against the dollar.
To the upside, the strong resistance can be seen at 1.2355, a break above this level would expose the pair towards next resistance level at 1.2405.
To the downside, immediate support can be seen 1.2178, a break below at this level will open the door towards next level at 1.2100.
