Fxwirepro: Gbp/usd Outlook Weaker on renewed Downside Pressure

  • GBP/USD pair slipped sharply from one month high on Tuesday after a new poll showed more voters supported Brexit from Eurozone ahead of June referendum.
  • Currently the pair is trading around 1.4154 levels , it is set to decline further towards 1.4100 and later 1.4000 level.
  • Technically in the 4 hour chart the 55, 30 and 20 MA is in neutral territory, the RSI is indicating towards downside at 34.
  • To the upside, the strong resistance can be seen at 1.4246, a break above this level would expose the cable to next resistance level at 1.4286 levels.
  • To the downside strong support can be seen at 1.4141, a break below at this level will open the door towards next level at 1.4110.

    Resistance Levels

    R1:  1.4200 (50 % Retracement level)      

    R2: 1.4246 (March 4th high)          

    R3: 1.4286 (61.8% Retracement level)

    Support Levels

    S1: 1.4141 (Daily lows)   

    S2: 1.4110 (38.2 % Retracement level)

    S3: 1.4004 (23.6 % Retracement level)

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