GBP/USD rose on Monday as the dollar declined across the board after U.S. President Donald Trump failed to push through a healthcare reform bill. The collapse of the healthcare legislation has raised doubts about Trump's…
GBP/USD rose on Monday as the dollar declined across the board after U.S. President Donald Trump failed to push through a healthcare reform bill.
The collapse of the healthcare legislation has raised doubts about Trump's ability to deliver on other key campaign pledges such as tax cuts and massive infrastructure spending.
GBP/USD has been rising steadily since a Bank of England meeting on March 16 that saw a number of its members swinging towards concern over rising prices and its next move being a rise in interest rates to quell consumer inflation expectations.
Further downside for this pair is expected to be limited as strong support at 1.2500 is set to limit more downside and push the pair towards higher side.
To the upside, immediate resistance can be seen at 1.2631, a break above this level would expose the cable to next resistance level at 1.2681 levels.
To the downside strong support can be seen at 1.2554, a break below at this level will open the door towards next level at 1.2500.
