FxWirePro: GBP/USD dips below lower range, bearish bias increases
14 September 2016, 15:23
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- The GBP/USD pair fell as low as 1.3190 in the early US session after data
showed Britains annual consumer price inflation rate for August came below
expectations.
- The annual rate of consumer price inflation was unchanged at 0.6 percent in
August, compared with economists’ forecast for it to increase to 0.7 percent on
Tuesday.
- The ongoing weakness is set to continue for this pair as the resistance
level at 1.3300 is likely to act as strong barrier to the bulls and bring a
further decline towards lower levels.
- To the upside, immediate resistance can be seen at 1.3260, a break above
this level would expose the cable to next resistance level at 1.3300.
- To the downside immediate support can be seen at 1.3173, a break below at
this level will open the door towards next level at
1.3090.
Resistance Levels
R1: 1.3260 (38.2% Retracement level)
R2: 1.3300 (Psychological levels)
R3: 1.3366 (23.6% Retracement level)
Support Levels
S1: 1.3173 (50% Retracement level)
S2: 1.3090 (61.8% Retracement level)
S3: 1.3022 (Aug 19th lows)
