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FxWirePro: GBP/USD outlook weaker on renewed downside pressure

GBP/USD pair slipped back towards 1.4200 as fresh selling resumed on Tuesday after weak UK CPI data and renewed Brexit fears weighted on the pair.

  • Currently the pair is trading around 1.4221 levels, it is set to decline further towards 1.4150 and later 1.4100 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 35.
     
  • To the upside, the strong resistance can be seen at 1.4300, a break above this level would expose the cable to next resistance level at 1.4400 levels.
     
  • To the downside strong support can be seen at 1.4209, a break below at this level will open the door towards next level at 1.4186.

    Resistance Levels

    R1:  1.4256 (50 % Retracement level)      

    R2: 1.4300 (61.8% Retracement level)    

    R3: 1.4400 (Daily high)

    Support Levels

    S1: 1.4209 (38.2 % Retracement level)   

    S2: 1.4186 (Daily lows)

    S3: 1.4148 (23.6 % Retracement level)

 

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