FxWirePro: GBP/USD outlook weaker on renewed downside pressure
GBP/USD declined on Thursday as selling continued after weak UK Construction data and renewed Brexit fears weighted on the pair. British construction orders fell last month for the first time in more than three years, on…
GBP/USD declined on Thursday as selling continued after weak UK Construction data and renewed Brexit fears weighted on the pair.
British construction orders fell last month for the first time in more than three years, on concern about a June 23 referendum vote. Data showed on Thursday that headline construction PMI dropped to 51.2 from April's 52.0.
The intraday trend remains bearish for the pair as the British pound is set to come under increased pressure on worries over Brexit.
To the upside, the strong resistance can be seen at 1.4500, a break above this level would expose the cable to next resistance level at 1.4546 levels.
To the downside strong support can be seen at 1.4380, a break below at this level will open the door towards next level at 1.4380.
