FxWirePro: GBP/USD reverses recent rally but maintains bullish bias
The GBP/USD pair jumped up towards 1.3372 after data showed Britain's services industry bounced back strongly in August from a slump triggered by June's vote to leave the European Union. However, the pair reversed course…
The GBP/USD pair jumped up towards 1.3372 after data showed Britain's services industry bounced back strongly in August from a slump triggered by June's vote to leave the European Union.
However, the pair reversed course in quick succession as sterling ran out of strengthens against dollar.
Further downside is expected to be limited as the pair finds strong support at 1.3222 which should limit downside and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen at 1.3420, a break above this level would take the pair towards next resistance level at 1.3481.
To the downside, immediate support can be seen at 1.3285 levels, a break below this level will open the door towards next level at 1.3222.
