FxWirePro: GBP/USD slips towards lower range, but outlook remains bullish
The Sterling declined against dollar on Friday as the pair failed to retake the 1.4600 level after Sterling's rally lost steam following positive US existing home sales data. The pair initially was trading around 1.4561 …
The Sterling declined against dollar on Friday as the pair failed to retake the 1.4600 level after Sterling's rally lost steam following positive US existing home sales data.
The pair initially was trading around 1.4561 levels, however, after US home sales data the currency pair declined to trade around 1.4507 levels.
However, further the decline is expected to be limited as the pair faces strong support at 1.4460 which should limit downside and bring rebound back to higher side .Therefore it’s good to buy this pair on dips.
To the upside, the strong resistance can be seen at 1.4586, a break above will take the pair towards next resistance level at 1.4665.
To the downside immediate support can be seen at 1.4499 levels, a break below will open gates towards 1.4460 levels.
