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GBP/USD slips to fresh intra-week lows after 1.3660 rejection

Traders are watching the upcoming US Personal Consumption Expenditures Price Index for guidance after bears tested the 1.3620 area.

Reported · Written up by our desk · Major Pairs

FXStreet reports that GBP/USD pared gains on Wednesday as sellers tested the lower end of the intra-week range near 1.3620 following a failure to push through resistance at 1.3660.

The pair was trading just below 1.3620, and while the broader tone remained constructive, the breakdown risk is rising if price confirms a move below the intra-week low, which would open the door toward the prior resistance area around 1.3565.

FXStreet also notes the next demand zone near 1.3520, while resistance is expected at 1.3660, with a sustained break above that level potentially exposing February highs around 1.3716 to 1.3730.

The report said US Dollar upside momentum appears subdued as markets await the release of July’s US Personal Consumption Expenditures Price Index later in the day.

Latest closeGBP/USD 1.354 ▲0.3%

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