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FxWirePro: GBP/USD dips below lower range, bearish bias increases

The GBP/USD has slipped back sharply, to trading in lower range, shedding more than 150pips to hit low at 1.4170 levels as the British pound weakened after better than expected Non-farm payrolls data.

  • The cable is currently trading around 1.4386 levels, persistence uncertainty on Britain’s exist from Eurozone is set to weigh on the currency pair in comings days.
     
  • Technically the RSI in the 4 hour chart is indicating downwards at 32, meanwhile the 55, 30 and 20 MA’s are indicating towards lower side. Overall the technical indicators are depicting further downtrend for this pair.
     
  • To the upside, the strong resistance can be seen at 1.4212, a break above this level would expose the cable to next resistance level at 1.4266.
     
  • To the downside immediate support can be seen at 1.4168, a break below at this level will open the door towards next level at 1.4107.

    Support levels: S1-1.4168, S2- 1.4107,S3-1.4065

    Resistance levels: R1-1.4212, R2- 1.4266, R3-1.4330
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