GBP/USD declined on Thursday as the pound came under selling pressure after the president of the European Council said EU leaders would not engage in negotiations on Britain's exit from the bloc. Earlier data showed, Bri…
GBP/USD declined on Thursday as the pound came under selling pressure after the president of the European Council said EU leaders would not engage in negotiations on Britain's exit from the bloc.
Earlier data showed, British retail sales recorded their strongest quarter of growth since late 2014 in the three months to September, with consumer sentiment remaining firm since June's Brexit vote, but data had little effect on the currency.
Currently, the pair trading at 1.2255, short rise towards 1.2270 levels should be viewed as selling opportunities as the resistance level at 1.2331 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.2271, a break above this level would expose the cable to next resistance level at 1.2331.
To the downside, immediate support can be seen at 1.2200 a break below at this level will open the door towards next level at 1.2142.
