FxWirePro: GBP/USD bearish again as upside bias reverses

The GBP/USD pair declined on Wednesday, as the Pound found selling interest after poor British industrial output data weighted on the British pound .
Figures for October showed industrial output fell 1.3 percent month-on-month after a 0.4 percent decline in September.
The pair eased to intraday low at 1.2562 after the data release but recovered towards 1.2608 in the US session.
Further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against the dollar.
To the upside, the strong resistance can be seen at 1.2677 a break above this level would expose the pair towards next resistance level at 1.2746.
To the downside, immediate support can be seen 1.2566, a break below at this level will open the door towards next level at 1.2522.

Resistance Levels

R1: 1.2607 (38.2 % Retracement level)

R2: 1.2677 (50 % Retracement level)

R3: 1.2746 (61.8% Retracement level)

Support Level

S1: 1.2566 (Daily lows)

S2: 1.2522 (23.6% Retracement level)

S3: 1.2474 (Nov 30th lows)

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