FxWirePro: GBP/USD outlook weaker on renewed downside pressure
GBP/USD declined on Wednesday, as the pound came under selling pressure as upbeat ISM U.S. services data boosted dollar and fears of a hard Brexit from the European Union weighted on sterling. The ongoing weakness is set…
GBP/USD declined on Wednesday, as the pound came under selling pressure as upbeat ISM U.S. services data boosted dollar and fears of a hard Brexit from the European Union weighted on sterling.
The ongoing weakness is set to continue for this pair as the resistance level at 1.2850 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.2798 a break above this level would expose the cable to next resistance level at 1.2850.
To the downside, immediate support can be seen at 1.2747, a break below at this level will open the door towards next level at 1.2683.
