FxWirePro: GBPUSD outlook weaker on renewed downside pressure
GBP/USD declined in early US session, after U.S. ISM manufacturing index increased in June. The national factory activity rose to 53.2 from 51.3 the month before. The reading was above expectations of 51.4. The pair made…
GBP/USD declined in early US session, after U.S. ISM manufacturing index increased in June. The national factory activity rose to 53.2 from 51.3 the month before. The reading was above expectations of 51.4.
The pair made gain in early US session hitting as high as 1.3340 but declined after the release of U.S. ISM manufacturing index to hit low around 1.3244.
Currently, the pair is trading around 1.3262 levels, it is set to decline further towards 1.3150 and later 1.3100 in the short term.
To the upside, strong resistance can be seen at 1.3360, a break above this level would expose the cable to next resistance level at 1.3400 levels.
To the downside, strong support can be seen at 1.3243, a break below at this level will open the door towards next level at 1.3201.
