GBP/USD on further pressure on ‘uplifting’ Michigan confidence

FXstreet.com (Athens) - The GBP/USD is trading downwards, amidst data showing that US consumers are better off than previously estimated as well as on Syria’s jitters.

The GBP/USD sits well below 1.5500 area, on stronger Michigan confidence index

The ‘cable’, is closing the week with a bearish momentum as the ‘greenback’ kick off higher against all its major counter-parts across the board. The American dollar strengthening can be attributed on better Michigan index as well as, to FX traders rebalancing their books at the end of the month. What’s more, the American dollar amidst the global turmoil, ‘war sirens’ in Syria looming out and a week closer to ‘tapering’, is boosted across the board.

Strategic bias and technical Outlook on GBP/USD

According to the Technical Analyst Team at ICN.com, “The GBP/USD’s trading tends to the downside today accompanied by trading below 1.5500. Trading below the referred to level is negative which force us to hold on to our expectations of an extended decline.” At the time of writing, the cable is trading at 1.5467, down 0.23%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support and resistance can be found at S3: 1.5417 S2: 1.5420 S1: 1.5356 R1:1.5527 R2:1.5565 R3:1.5604