FxWirePro: GBP/USD retains bullish outlook with scope to target 1.3280 levels
The GBP/USD pair declined on Wednesday, as the pair attracted short selling interest after data showed new orders for U.S. manufactured capital goods rose for a second straight month in July. The pair declined to hit int…
The GBP/USD pair declined on Wednesday, as the pair attracted short selling interest after data showed new orders for U.S. manufactured capital goods rose for a second straight month in July.
The pair declined to hit intraday low at 1.3167 after the data release, but recovered slightly towards 1.3205 in the early US session.
Further, downside is expected to be limited as the pound presents positive tone ahead of Fridays UK GDP data.
To the upside, the strong resistance can be seen at 1.3300, a break above this level would expose the pair towards next resistance level at 1.3330.
To the downside, immediate support can be seen 1.3163, a break below at this level will open the door towards next level at 1.3088.
