FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The GBP/USD slipped sharply from 1.3169 levels to hit low at 1.3000 in early the US Session as the pair was weighted down on growing worries about the economic and financial fallout of Britain's vote to leave the Europea…
The GBP/USD slipped sharply from 1.3169 levels to hit low at 1.3000 in early the US Session as the pair was weighted down on growing worries about the economic and financial fallout of Britain's vote to leave the European Union.
Investor confidence was undermined by the Bank of England's warning on the economic risks of "Brexit" and its steps to ensure British banks keep lending, as well as by news of a decline in UK construction PMI.
Currently the cable is trading around 1.3029 levels, it is set to decline further towards 1.2950 later towards 1.2900 levels in the short term.
To the upside, the strong resistance can be seen at 1.3104, a break above this level would expose to cable to next resistance level at 1.3169.
To the downside immediate support can be seen at 1.3000, a break below will open the door towards next level at 1.2950.
