FxWirePro: GBP/USD runs out of steam but maintains bullish outlook
The GBP/USD pair strengthened on Wednesday as speculation that U.S. President Donald Trump could face the threat of impeachment triggered dollar sell-off across the board. News reports emerged on Tuesday that Trump had a…
The GBP/USD pair strengthened on Wednesday as speculation that U.S. President Donald Trump could face the threat of impeachment triggered dollar sell-off across the board.
News reports emerged on Tuesday that Trump had asked then-Federal Bureau of Investigation Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia.
The reports fueled questions over whether Trump could be charged with obstruction of justice, potentially opening the doors for an early exit from office.
The ongoing upside is set to continue for this pair as the support level at 1.2846 is likely to act as strong barrier to the bears.
To the upside, the strong resistance can be seen at 1.2991, a break above this level would expose the pair towards next resistance level at 1.3030.
To the downside immediate support can be seen 1.2903, a break below at this level will open the door towards next level at 1.2846.
