FxWirePro: GBP/USD outlook weaker on renewed downside pressure

GBP/USD pair slipped back towards 1.4200 as fresh selling resumed on Tuesday after weak UK CPI data and renewed Brexit fears weighted on the pair.

• Currently the pair is trading around 1.4221 levels, it is set to decline further towards 1.4150 and later 1.4100 level.
   
• Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope above the current price action, the RSI is indicating towards downside at 35.
   
• To the upside, the strong resistance can be seen at 1.4300, a break above this level would expose the cable to next resistance level at 1.4400 levels.
   
• To the downside strong support can be seen at 1.4209, a break below at this level will open the door towards next level at 1.4186.
  
  Resistance Levels
  
  R1:  1.4256 (50 % Retracement level)      
  
  R2: 1.4300 (61.8% Retracement level)    
  
  R3: 1.4400 (Daily high)
  
  Support Levels
  
  S1: 1.4209 (38.2 % Retracement level)   
  
  S2: 1.4186 (Daily lows)
  
  S3: 1.4148 (23.6 % Retracement level)