FxWirePro: GBP/USD bearish again as upside bias reverses

The GBP/USD has resumed its bearish trend, as the sterling was back under bearish pressure after European stock markets declined.

• The pair is all set to move in quick succession towards 1.4150 levels in the near term, as the concerns over Brexit from Europe union and fading expectations for higher UK interest rates is set to weigh on the currency pair.
   
• Currently the cable is trading round 1.4248 levels, it is set to decline further towards 1.4200 later towards 1.4150 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.4320, a break above this level would expose to cable to next resistance level at 1.4366.
   
• To the downside immediate support can be seen at 1.4224, a break below at this level will open the door towards next level at 1.4168.
  
  Recommendation: Go short around 1.4300, targets 1.4220, 1.4170, SL 1.4360
  
  Resistance Levels
  
  R1: 1.4275 (50 % Retracement Level)
  
  R2: 1.4320 (61.8 % Retracement Level)
  
  R3: 1.4366 (Jan 26th high)
  
  Support Levels
  
  S1: 1.4224 (38.2% Retracement Level)
  
  S2: 1.4168 (23.6% Retracement Level)
  
  S3: 1.4120 (Jan 20th lows)