The US dollar went sideways as February’s PCE fell short of expectations. The pair met stiff selling pressure around 1.3300, a supply zone next to the 30-day moving average.
A break below 1.3120 may have cast doubt on the viability of the previous rebound after short-term buyers rushed to the exit. 1.3220 is now a fresh resistance and buyers’ failure to lift these offers could send the pound into a deeper correction.
Price action may revisit the psychological level of 1.3000 if it drops below 1.3070.
