FxWirePro: GBPUSD outlook weaker on renewed downside pressure

GBP/USD pair declined sharply as renewed selling pressure intensified on Wednesday, on continued Brexit fears. The pair hit low 1.4880 before recovering towards 1.3960 levels.

• Currently the pair is trading around 1.3960 levels , it is set to decline further towards 1.3900 and later 1.3850 level.
   
• Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope above the current price action, the RSI is indicating towards downside at 33.
   
• To the upside, the strong resistance can be seen at 1.4083, a break above this level would expose the cable to next resistance level at 1.4133 levels.
   
• To the downside strong support can be seen at 1.3940, a break below at this level will open the door towards next level at 1.3860.
  
  Recommendation: Go short around 1.4010, targets 1.3950, 1.3900, SL 1.4100
  
  Resistance Levels
  
  R1:  1.4014 (50% Retracement level)
  
  R2: 1.4083 (61.8 % Retracement level)
  
  R3: 1.4133 (21 DMA)
  
  Support Levels
  
  S1: 1.3940 (38.2 % Retracement level)
  
  S2: 1.3860 (23.6 % Retracement level)
  
  S3: 1.3800 (Psychological levels)