FxWirePro: GBP/USD gains some upside momentum but still bearish
The GBP/USD pair fell as low as 1.4149 initially in the US session after data showed producer price index for final demand increased in May, but the pair found some upside momentum as dollar declined before a Federal Res…
The GBP/USD pair fell as low as 1.4149 initially in the US session after data showed producer price index for final demand increased in May, but the pair found some upside momentum as dollar declined before a Federal Reserve monetary policy decision due later in the day.
The ongoing weakness is set to continue for this pair as concerns of possible Britain's exit from the European Union is set to weigh on the currency pair.
To the upside, the strong resistance can be seen at 1.4324, a break above this level would expose to cable to next resistance level at 1.4400.
To the downside immediate support can be seen at 1.4154, a break below will open the door towards next level at 1.4080.
