FxWirePro: GBP/USD gains some upside momentum but still strongly bearish
The GBP/USD has rebounded strongly from 1.4146 levels to trade at1.283 levels, erasing the earlier losses in the early US session as the pair found short-term buying interest around 1.4146. Earlier in the European sessio…
The GBP/USD has rebounded strongly from 1.4146 levels to trade at1.283 levels, erasing the earlier losses in the early US session as the pair found short-term buying interest around 1.4146.
Earlier in the European session pound fell to an eight-week low on worries that Britain could vote to leave the European Union in a referendum in just 10 days' time.
The ongoing downside is set to continue for the pair as the resistance level at 1.4414 is set to hold the bulls from advancing further and bring decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.4304, a break above this level would expose the cable to next resistance level at 1.4350.
To the downside strong support can be seen at 1.4192, a break below at this level will open the door towards next level at 1.4112.
