FxWirePro: GBPUSD trades weak, any break below 1.3200 confirms further weakness
GBP/USD is trading weak for the past one week. The pair declined more than 350 pips in previous week. The reason for decline is mainly due to more hawkish comment by Fed. Fed hiked rates by 25 basis point and upgraded it…
GBP/USD is trading weak for the past one week. The pair declined more than 350 pips in previous week. The reason for decline is mainly due to more hawkish comment by Fed. Fed hiked rates by 25 basis point and upgraded its forecasts and was very much optimism about economy. The slight policy divergence between Fed and BOE is dragging pound further down. It hits low of 1.3205 and is currently trading around 1.32380.
The near term resistance is around 1.3300. Any break above 1.3300 will take the pair to next level till 1.3375/1.3400/1.3460.
On the lower side, any break below 1.3200 will drag the pair till 1.3090/1.3000.
It is good to sell on rallies around 1.3265-70 with SL around 1.3305 for the TP of 1.3200/1.3145.
