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

• GBP/USD declined on Tuesday as sterling was weighed down by an uncertain economic outlook that has quashed expectations of a rise in Bank of England interest rates.
   
• The pound has fallen more than 3 percent since the start of August, driven by a perceived change in tack at the Bank's latest policy meeting and a broader recovery for the U.S. currency.
   
• Fears over Brexit negotiations, and how much the two-year process may hamper already slowing growth, have weighed on the cable.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2894 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 1.2845, a break above this level would expose the cable to next resistance level at 1.2894 levels.
   
• To the downside strong support can be seen at 1.2795, a break below at this level will open the door towards next level at 1.2767.
  
  Resistance Levels
  
  R1:  1.2845 (50% Retracement level)
  
  R2: 1.2894 (61.8% Retracement level)
  
  R3: 1.2954 (July 13th high)
  
  Support Levels
  
  S1: 1.2795 (38.2 % Retracement level)                   
  
  S2: 1.2767 (May 31st lows)
  
  S3: 1.2733 (23.6 % Retracement level)

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