- The GBP/USD pair inched higher on Tuesday as Sterling was supported by weaker dollar and worries over Brexit and the pace of UK economic growth eased.
- The U.S. currency was stuck at its lowest since June 2016 after a near 4 percent drop over the last month and more than 8 percent fall this year.
- The Fed is widely expected to keep interest rates unchanged at this week's two-day meeting which ends on Wednesday. Investors will be watching for any fresh hints on whether the Fed might raise interest rates again this year, and when it will begin paring its bond holdings.
- The currency pair is trading at 1.3045 levels, it is set to advance further towards 1.3080 and later 1.3120 levels in the short term.
- To the upside, immediate resistance can be seen at 1.3095 a break above this level would expose to cable to next resistance level at 1.3185.
- To the downside immediate support can be seen at 1.3022, a break below will open the door towards next level at 1.2947.
Resistance Levels
R1: 1.3095 (50% Retracement Level)
R2: 1.3185 (61.8% Retracement Level)
R3: 1.3200 (Psychological levels)
Support Levels
S1: 1.3022 (50% Retracement Levels)
S2: 1.2947 (61.8% Retracement Level)
S3: 1.2881 (July 5th lows)
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