FxWirePro: GBP/USD reverses recent rally, bias back to downside
The GBP/USD pair fell as low as 1.4435 on Thursday, as the pair found downside momentum on worries that Britain will vote to leave the European Union at a referendum in two weeks’ time. Investors are worried that Brexit …
The GBP/USD pair fell as low as 1.4435 on Thursday, as the pair found downside momentum on worries that Britain will vote to leave the European Union at a referendum in two weeks’ time.
Investors are worried that Brexit would weigh on the economies of not just Britain, but the rest of Europe too.
The ongoing weakness is set to continue for this pair as the resistance level at 1.4660 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 1.4518, a break above this level would expose the cable to next resistance level at 1.4570.
To the downside immediate support can be seen at 1.4467, a break below at this level will open the door towards next level at 1.4400.
