FxWirePro: GBP/USD rallies towards 1.2500 after OPEC deal but reversal is likely
The GBP/USD pair initially declined in the US session after upbeat US economic data but surged back as a deal to cut OPEC oil output strengthened the pound against the dollar. The pair eased to session slow at 1.2427, af…
The GBP/USD pair initially declined in the US session after upbeat US economic data but surged back as a deal to cut OPEC oil output strengthened the pound against the dollar.
The pair eased to session slow at 1.2427, after the release of upbeat US economic data, but reversed course after the confirmation of OPEC's first curbs on output in eight years, boosted the British pound.
However, further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against a stronger dollar.
To the upside, the strong resistance can be seen at 1.2602, a break above this level would expose the pair towards next resistance level at 1.2671.
To the downside, immediate support can be seen 1.2484, a break below at this level will open the door towards next level at 1.2410.
