GBP/USD declined sharply on Tuesday as sterling was weighted down on worries about the political and economic risks from Britain's pending exit from the European Union rates this year. The pair made modest gain in the af…
GBP/USD declined sharply on Tuesday as sterling was weighted down on worries about the political and economic risks from Britain's pending exit from the European Union rates this year.
The pair made modest gain in the afternoon US session hitting as high as 1.2988 but was unable to move higher on broader weakness.
Currently, the pair is trading around 1.2978 levels, it is set to decline further towards 1.2900 and later 1.2850 in the short term.
To the upside, the strong resistance can be seen at 1.3091, a break above this level would expose the cable to next resistance level at 1.3160 levels.
To the downside, strong support can be seen at 1.2945, a break below at this level will open the door towards next level at 1.2873.
