FxWirePro: GBP/USD reverses recent rally, bias back to downside
The GBP/USD pair declined on Thursday, as the Pound found short selling interest after brief rise towards 1.2270 on upbeat UK GDP data. The pair eased to intraday low at 1.2147, after hitting one-week high early in Europ…
The GBP/USD pair declined on Thursday, as the Pound found short selling interest after brief rise towards 1.2270 on upbeat UK GDP data.
The pair eased to intraday low at 1.2147, after hitting one-week high early in European session.
Gross domestic product expanded by 0.5 percent in the July-September period, less rapid than the unusually strong growth of 0.7 percent seen in the second quarter but comfortably above a median forecast of 0.3 percent.
Further upside is expected to be limited as the pound presents negative tone in the short term and it is set to resume downward momentum against the greenback.
To the upside, the strong resistance can be seen at 1.2260 a break above this level would expose to cable to next resistance level at 1.2323.
To the downside immediate support can be seen at 1.2135, a break below will open the door towards next level at 1.2055.
