GBP/USD declined on Friday as sterling was weighed ahead to Britain's negotiations on leaving the European Union, after the Bank of England showed no sign of leaning more towards raising interest rates. Thursday's BoE ra…
GBP/USD declined on Friday as sterling was weighed ahead to Britain's negotiations on leaving the European Union, after the Bank of England showed no sign of leaning more towards raising interest rates.
Thursday's BoE rates decision quashed some bets in the market that more policymakers would join outgoing Kristin Forbes in voting for a rate hike.
The pair made daily lows at 1.2842 but recovered to trade at 1.2886 levels in the early US session.
Further upside for this pair is expected to be limited as strong resistance level at 1.2988 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2893, a break above this level would expose the cable to next resistance level at 1.2916 levels.
To the downside strong support can be seen at 1.2862, a break below at this level will open the door towards next level at 1.2820.
