FxWirePro: GBP/USD runs out of steam but maintains bullish outlook
GBP/USD declined on Wednesday as sterling attracted seller after data showed British manufacturing output fell at the fastest pace in a year in July, in the immediate aftermath of Britain's vote to leave the European Uni…
GBP/USD declined on Wednesday as sterling attracted seller after data showed British manufacturing output fell at the fastest pace in a year in July, in the immediate aftermath of Britain's vote to leave the European Union.
Manufacturing output fell 0.9 percent on the month, a bigger fall than the 0.4 decline forecasted by economists.
At the moment the pair is trading around 1.3296 levels, it is expected to advance further towards 1.3350 and 1.3400 levels as the support level at 1.3296 is set to hold the bears from falling further below and push the pair towards higher levels.
To the upside, the strong resistance can be seen at 1.3368, a break above this level would expose the cable to next resistance level at 1.3439 levels.
To the downside strong support can be seen at 1.3296, a break below at this level will open the door towards next level at 1.3251.
