FxWirePro: GBP/USD reverses recent rally, bias back to downside
The GBP/USD pair initially inched higher at the beginning of the US session but soon resumed its downside as nerves around Brexit and the strength of the UK economy weighed on British pound. There have been negative sign…
The GBP/USD pair initially inched higher at the beginning of the US session but soon resumed its downside as nerves around Brexit and the strength of the UK economy weighed on British pound.
There have been negative signs from a handful of economic data, with wages numbers on Wednesday dipping below forecasts, enough to provoke another round of pound selling.
Retail sales numbers due on Friday will provide the next clue about the strength of the UK economy.
The currency pair is trading at 1.2475 levels, it is set to decline further towards 1.2410 and later 1.2360 levels in the short term.
To the upside, the strong resistance can be seen at 1.2587 a break above this level would expose to cable to next resistance level at 1.2674.
To the downside, immediate support can be seen at 1.2462, a break below will open the door towards next level at 1.2384.
