FxWirePro: GBP/USD Rallies to 12-Week High, Outlook Remains Bullish
- The British pound surged strongly on Friday to hit 12-week high against dollar as investors sold off dollar on back of cautious tone on further rate hike by Federal Reserve earlier in the week .
- Also the greenback gave back gains against most of the major pairs on Friday, on month-end profit taking and on expectations that the US Federal Reserve will not hike rates in June.
- To the upside, the strong resistance can be seen at 1.4655, a break above this level would expose to cable to next resistance level at 1.4684.
- To the downside major support can be seen at 1.4604, a break below will open the door towards next level at 1.4555. Resistance Levels R1: 1.4655 (38.2% Retracement Level) R2: 1.4684 (Jan 6th high) R3: 1.4715 (23.6% Retracement Level) Support Levels S1: 1.4604 (50% Retracement Levels) S2: 1.4555 (61.8% Retracement Levels) S3: 1.4470 (April 28th lows)