FxWirePro: GBP/USD hovers around eight-week low, strong bearish bias seen
The GBP/USD pair declined on Tuesday, to hit fresh 8-week lows on upbeat US retail sales data and growing fears about Britain leaving the European Union weighed on the currency pair. The pair also declined after a new po…
The GBP/USD pair declined on Tuesday, to hit fresh 8-week lows on upbeat US retail sales data and growing fears about Britain leaving the European Union weighed on the currency pair.
The pair also declined after a new poll indicated growing support for leaving the European Union among Britons due to vote in a referendum next week.
TNS said on its website that the latest EU referendum voting intention survey gives the Leave campaign a significant lead nine days out from polling day.
The pair is expected to reach 1.4000 and later towards 1.3900 levels as the US dollar is set to strengthen further against British pound on growing fears of Brexit from EU.
To the upside, the strong resistance can be seen at 1.4255, a break above this level would expose to cable to next resistance level at 1.4330.
To the downside immediate support can be seen at 1.4085, a break below will open the door towards next level at 1.4034.
