FxWirePro: GBP/USD the near-term, scope for downward resumption
GBP/USD declined slightly on Friday as the dollar firmed after better than expected U.S. retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates December…
GBP/USD declined slightly on Friday as the dollar firmed after better than expected U.S. retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates December.
The U.S. retail sales data, which showed a 0.6 percent rise last month after declining 0.2 percent in August, supported the dollar's gains across the board and focus shifted to Federal Reserve Chair Janet Yellen's speech.
Yellen is due to speak at a conference in Boston where she could offer her thoughts on the growing support for an interest rate hike in the near-term.
Currently, the pair is trading around 1.2207 levels , it is set to decline further towards 1.2150 and later 1.2100 level in the short term.
To the upside, the strong resistance can be seen at 1.2261, a break above this level would expose the cable to next resistance level at 1.2300 levels.
To the downside strong support can be seen at 1.2166, a break below at this level will open the door towards next level at 1.2104.
