FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The GBP/USD pair declined on Thursday, as the British pound found strong selling interest after campaign on Britain's referendum on EU membership entered its final week and the latest polling showed the "Leave" camp in f…
The GBP/USD pair declined on Thursday, as the British pound found strong selling interest after campaign on Britain's referendum on EU membership entered its final week and the latest polling showed the "Leave" camp in front.
Polls for London's Evening Standard newspaper and retail brokers IG.com gave 3 and 6 point leads to the leave camp ahead of next Thursday's vote.
The pair low at 1.4409 in the mid-morning US session, before recovering to trade at 1.4065 levels.
Further upside is expected to be limited as the British pound is strongly bearish and is set to further towards lower levels in the short term.
To the upside, the strong resistance can be seen at 1.4121, a break above this level would expose the pair towards next resistance level at 1.4218.
To the downside immediate support can be seen 1.4409, a break below at this level will open the door towards next level at 1.3945.
