FxWirePro: GBP/USD outlook weaker on renewed downside pressure
GBP/USD pair declined on Wednesday as fresh sell off resumed on Wednesday as Pound lost ground against US dollar after data showed British factory output recorded its biggest annual fall in nearly three years. Manufactur…
GBP/USD pair declined on Wednesday as fresh sell off resumed on Wednesday as Pound lost ground against US dollar after data showed British factory output recorded its biggest annual fall in nearly three years.
Manufacturing output came at 0.1 percent slightly less than forecast, after dropping by 0.9 percent in February.
Currently the pair is trading around 1.4433 levels , it is set to decline further towards 1.4400 and later 1.4350 level in the short term.
To the upside, the strong resistance can be seen at 1.4479, a break above this level would expose the cable to next resistance level at 1.4529 levels.
To the downside strong support can be seen at 1.4364, a break below at this level will open the door towards next level at 1.4300.
