GBP/USD declined on Monday as sellers stepped in after the pair inched higher towards 1.2250 in the European session. A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on upbeat economic data…
GBP/USD declined on Monday as sellers stepped in after the pair inched higher towards 1.2250 in the European session.
A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on upbeat economic data and increased expectation that Federal Reserve will raise interest rate in December.
Currently, the pair is trading at 1.2207, a short rise towards 1.2240 should be viewed as selling opportunity.
To the upside, the strong resistance can be seen at 1.2278, a break above this level would expose the cable to next resistance level at 1.2334.
To the downside, immediate support can be seen at 1.2149, a break below at this level will open the door towards next level at 1.2073.
