The GBP/USD pair jumped to a fresh 3-week high of 1.4445 in the early European morning, following uncertainty regarding the forthcoming EU referendum, but gave up some gains later. The pair's gains were limited as the Po…
The GBP/USD pair jumped to a fresh 3-week high of 1.4445 in the early European morning, following uncertainty regarding the forthcoming EU referendum, but gave up some gains later.
The pair's gains were limited as the Pound was weighed by the poor performance of the UK construction sector, as the January PMI dipped to 55 from previous 57.
Additionally, the GBP/USD pair failed to attract buyers on speculation of Bank of England dovishness ahead of Thursday's Inflation Report, and currency pair is poised to extend its decline during the upcoming sessions.
Currently the pair is trading around 1.4400 levels, a short up movement near the range of 1.4430 should be viewed as selling opportunity.
To the upside, the strong resistance can be seen at 1.4441, a break above this level would expose to cable to next resistance level at 1.4532.
To the downside immediate support can be seen at 1.4354, a break below will open the door towards next level at 1.4250.
Recommendation: Go short below 1.4430, targets 1.5340, 1.4280, SL 1.4480
